As the UK officially left the European Union on January 1st, 2022, businesses that import and export goods between the UK and EU are facing new challenges and considerations.
In this blog post, we will discuss some of the key post-brexit considerations and solutions for businesses that are buying from Europe.
Let’s Begin
First and foremost, businesses should be aware of the new custom and tariffs that may apply to their imports. Under the new trade agreement between the UK and EU, tariffs will still apply to some goods, and businesses will need to factor in these additional costs when planning their purchases.
Additionally, businesses will need to ensure compliance with new customs and import regulations, which can add time and complexity to the import process.
So, what are the solutions to these challenges?
One solution is to look for suppliers within the UK. This can help avoid tariffs and customs delays and can also support the UK economy. Another solution is to use a freight forwarder or a customs agent to handle all the necessary paperwork and compliance checks.
This can help streamline the import process and minimize any potential delays or additional costs. Additionally, businesses can consider setting up a warehouse or distribution center in the EU to minimize tariffs and customs delays.
Another solution is to have a good understanding of the tariffs and regulations that will apply to your specific products. This can help businesses plan and budget for the additional costs that may be incurred. Additionally, businesses should be prepared for additional costs and possible delays in delivery.
Finally, it’s vital to keep track of any changes to the regulations and adapt your plans accordingly. Businesses should consult with a customs agent or trade advisor to ensure compliance with all regulations and minimize any potential delays or additional costs.
Our Takeaway
In conclusion, the UK’s exit from the EU has brought new challenges and considerations for businesses that import and export goods between the UK and the EU. Businesses should be aware of the new customs and tariffs, Incoterms, VAT rules, supply chain, and documentation requirements.
However, there are solutions available, such as looking within the UK, using a freight forwarder or a customs agent, setting up a warehouse or distribution centre in the EU, having a good understanding of the tariffs and regulations, and being prepared for additional costs and possible delays in delivery.
Businesses should seek professional advice and keep track of any changes to the regulations to minimize any potential delays.