28 Mar 2019
Brexit new date April 12th
Initially the intended date for the United Kingdom to leave the EU was set for March 29th. However, the date for the Brexit has now been pushed back to April 12th 2019.
Because there is still much uncertainty around the Brexit, there are now many shipment to the United Kingdom.
In case the Brexit does happen, make sure you are ready by making the following preparations:
- EORI Number (Economic Operator Registration and Verification number)
An EORI number is required in order to customs clear cargo, upon entry or exit. Provided your company has a valid VAT number, you can apply for an EORI number with the tax authorities, customs division.
- VAT reverse charges
With the VAT reverse charges rule, VAT does not need to be paid immediately upon entry, but instead is deferred until your periodic tax return. This rule requires a special permit, the so named “Article 23”, which can be requested from the tax authorities, customs division.
If you engage in trade with the UK, special licences may be required. We would advise you to find out whether or not you will need any licenses and if so, apply for them.
- Import duties
A Binding Tariff Indication (BTI) can be requested from customs, for a specific product. This way there is never any question of which the correct HS code is, and which import duties (if any) apply.
- Exchange rate risks
The British pound is very unstable and it does not seem likely that this will change in the short term. The exchange rate could potentially change between the time of invoicing and time of payment. There are various options for hedging currency risks, please contact your bank.
More information about EORI ?
Don’t hesitate to contact us for more information.