After January 1, the UK is expecting up to 180,000 companies that will have to make customs declarations in the United Kingdom for the first time. Because of these huge numbers, the UK is providing a number of easements to companies, says Rebecca Okuda, Director Head of Trade & Customs at KPMG UK. "As of January 1st, importers of standard goods will have up to six months from the date of importation to complete their customs declarations in full. They will also be allowed to defer payment of import taxes.
From 1 April, products of animal origin will be subject to prior notification and relevant health documentation, and from 1 July, a full customs declaration will be required at the point of import for all products, as well as payment of the associated tariffs.
But the guide comes with hooks and eyes, warns Okuda. Companies postponing their declarations and payments must keep a very comprehensive record of all imported goods. In addition, they will have to open a duty deferment account with the UK government for the deferment of payment. The companies that are well prepared for this have laid down various supply chain scenarios in a 'plan B'.
This was KPMG's first Brexit Call, which takes place every two weeks. Call topics include import, labor, supply chain and financial services. The fortnightly call takes half an hour. The next one will take place on the 15th of October. Subscribe to click here..