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BDO Brexit - Trade and Supply chain
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BDO Brexit - Trade and Supply chain
1.
This publication has
been carefully prepared, but it has been written in general terms and should be seen as containing broad statements only. This publication should not be used or relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained in this publication without obtaining specific professional advice. Please contact BDO LLP to discuss these matters in the context of your particular circumstances. BDO LLP, its partners, employees and agents do not accept or assume any responsibility or duty of care in respect of any use of or reliance on this publication, and will deny any liability for any loss arising from any action taken or not taken or decision made by anyone in reliance on this publication or any part of it. Any use of this publication or reliance on it for any purpose or in any context is therefore at your own risk, without any right of recourse against BDO LLP or any of its partners, employees or agents. BDO LLP, a UK limited liability partnership registered in England and Wales under number OC305127, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. A list of members' names is open to inspection at our registered office, 55 Baker Street, London W1U 7EU. BDO LLP is authorised and regulated by the Financial Conduct Authority to conduct investment business. BDO is the brand name of the BDO network and for each of the BDO member firms. BDO Northern Ireland, a partnership formed in and under the laws of Northern Ireland, is licensed to operate within the international BDO network of independent member firms. Copyright © January 2019 BDO LLP. All rights reserved. Published in the UK. www.bdo.co.uk BREXIT – TRADE AND SUPPLY CHAIN IMPLICATIONS FOR THE MANUFACTURING SECTOR Manufacturers should take steps to protect their supply chains against the potentially adverse effects of Brexit EU versus global supply chains – immediate steps Brexit will impact all UK manufacturers, but some more than others. Those with solely UK-EU supply chains, or little direct experience of dealing with imports/exports, will face a number of new regulatory requirements and challenges. However, all businesses should be taking steps now, as a priority, to ensure that they are prepared for Brexit. These include: Registering with HMRC to act as an importer from/exporter to the EU and obtain an EORI number Applying to HMRC to operate a Customs Duty deferment account to defer the payment of Duty until the following month to obtain cash flow benefits Confirm the level of Customs knowledge within the business and determine if training is needed to avoid financial penalties as a result of non- compliance with legislation Review in-house systems, procedures and customs data to ensure that they can meet the new regulatory requirements. Developing a Brexit strategy – longer terms steps Medium to longer term, manufacturing firms should consider taking the following steps: Review contractual arrangements with suppliers and customers to identify responsibilities between parties for cross border movement of goods. For example, are you responsible for taking your goods all the way to your EU customer’s site? Do you know what this means in practice for your business, from a freight and clearance costs perspective? Does this lead to VAT registration requirements in other countries? Develop Customs procedures and controls to ensure that your business is operating compliantly and can take advantage of Duty reliefs and potentially become accredited as an Authorised Economic Operator (‘AEO’) to obtain further supply chain and financial benefits Review your supply chain to identify potential areas of increased costs/indirect tax liability Consider potential benefits of Duty reliefs and simplifications (such as Customs Warehousing) to minimise any potential cost increases. Consider applying for AEO S accreditation which offers holders the following benefits: Fast track clearance at borders Ability to continue to use the EU VAT reverse charge mechanism in the future in a ‘no Brexit’ scenario Faster application process for Duty reliefs and simplifications Mutual recognition for exports to other global trade partners (such as the USA) resulting in lower broker costs Reductions/waivers in financial guarantee levels to cover duty/import VAT incurred. BDO’s Customs and International Trade team: UK - Regions MARK ELLIS Partner t: +44 (0) 781 362 9444 e: mark.l.ellis@bdo.co.uk JULIET WALLWORK Customs Duty Director t: +44 (0)121 532 6423 e: juliet.wallwork@bdo.co.uk NICK NEWTON Customs Duty Manager t: +44 (0)121 352 6366 e: nick.newton@bdo.co.uk CHANTAL TANNER AEO specialist t: +44 (0)121 352 6312 e: chantal.tanner@bdo.co.uk
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