+44 (0)1749 345007 support@i2i-infinity.co.uk      
All Posts Term: Brexit
14 post(s) found

ATA Carnets – (Multicoloured) Passport for Goods

The recent publication of a number of notices designed to help UK businesses prepare for a no deal exit from the EU has reinvigorated discussion on the practicalities for movements of goods. With 25 notices published and 50+ to come, one item among many still to be addressed concerns temporary importations. At present, a UK individual or entity can take goods and/or equipment into other member states without the need to declare. This post looks at ATA Carnets, the passport for goods.

Brexit – No Deal Preparation Guidance from HM Government

The government has begun publishing a series of notices designed to inform UK businesses and citizens of the implications of a no deal exit from the EU. 25 papers have been published to date, covering a wide range of topics, including import/export, medicines, export of controlled goods and labelling. A number will be added throughout the coming weeks, with approximately 80 expected in total, designed to cover all areas.

Customs Declaration Service – Roll Out Begins

As outlined in previous posts, Customs Declaration Service (CDS) is a huge project being led by HMRC which will be used by any business that sends or receives goods internationally. The replacement of CHIEF (Customs Handling of Import/Export Freight), which is the system HMRC has been using for import and export declarations since the 1990’s, CDS is the mechanism through which traders will inform HMRC of incoming and outgoing movements of physical materials.

The UK exit from the EU and VAT implications

The basics

If you make taxable supplies (standard rated, reduced rated or zero rated), you have to account to HMRC for the VAT due. This is output tax. You’ll normally charge the VAT to your customers. If your customers are registered for VAT and the supplies are for use in their business, the VAT is their input tax. In the same way, VAT charged to you on your business purchases is your input tax. As a registered person, you can reclaim from HMRC as much of the VAT on your purchases and imports, as relates to the standard rated, reduced rated and zero-rated supplies you make. In principle, you can’t reclaim VAT which relates to any non-business activity or to any exempt supplies you make.

What does the Brexit transition deal mean to UK importers & exporters?

Today the UK & the EU have agreed a Brexit transition period, beginning on 29th of March 2019 (Brexit day as laid out under article 5) ending on the 31st of December 2020.

The deal, which needs to be ratified in October, is designed to smooth the path to future arrangements and avoid the potential 'cliff edge', but what does the deal mean for importers and exporters in the UK?

Brexit Preparation Guide - Supply Chain Mapping

Supply chain between the UK and Europe is an area that will be greatly affected over the coming years by the UK's withdrawal from the EU.

Though the exact nature of the changes will not become apparent for some time, mapping supply chains can help companies understand both the risks and the opportunities these changes might bring.

Whatever the outcome of Brexit negotiations, it is wise to start that planning now, to ensure you remain competitive in the changing market. Early and effective scenario planning combined with analysis of the potential consequences of a post-Brexit economy might even improve your position.