REBELS, LISTEN UP. THE REAL BREXIT REBELUTION IS COMING
Damian Shirley | VAT Partner, Cooper Parry
Whether or not a free trade deal (whatever that means) comes about, there are a number of issues that are key – issues that dictate whether you will be in a position to trade without interruption come January 1st with the EU.
Whether you voted remain or leave, it’s time to take note and take action. Read on Comrades…
WHERE DO YOU EVEN START?
If there are any questions that you need to be asking yourself at this time, then how about these “Golden Questions”:
1) Can you trade without any business interruption within your supply chain from January 2021?
2) Can you trade without increased Customs Duty costs in the UK and on the continent?
3) Can you even trade at all with the EU under your current structure?
4) Are your terms of trade and logistics arrangements set up to mitigate your VAT and Duty obligations?
5) Are your EU VAT administrative and registration arrangements understood and ready to go?
If you can’t answer a confident “yes” to any of the above, then it’s time to think. Fast.
HOW CAN WE HELP?
We’re currently supporting a growing number of clients, spanning B2B and B2C, trading in either goods or digital services. Brexit impacts all.
We map out and review our clients’ overall supply chain structure to determine the like-for-like position, pre and post the Brexit transition period. It is only then that you can work out what – if anything – you need to be actioning.
We can help you understand the following:
1) The moving forward Customs Duty cost, and who in the supply chain that cost sits with under your current terms of trade.
2) Your VAT registration requirements when continuing to trade in the EU moving forward, and any mitigation strategies to streamline those obligations.
3) The moving forward import VAT and goods clearance obligations at the UK and EU borders.
4) Any establishment requirements on the continent to allow you to continue to trade.
5) Optimisation strategies to reduce the additional administrative burden and underlying cost of trade into 2021.
Comrades, our crack team is here to support you. In our ranks, we have specialists in VAT, and experts in export and trade controls based in Brussels, in the heart of the EU. We can cater for whatever Brexit might throw at you and the regulatory trade minefield that comes with it. We’re are also closely aligned with a secret squad of legal experts in commercial law who focus on regulatory matters such as labelling and safety.
Whatever your position, we can work with you to maintain business continuity, which is all-important right now.
STAKEHOLDERS
What about your own crack commando unit? We think it’s critical that you set up a Brexit team within your business to project manage the process. Brexit isn’t a finance ‘thing’, and certainly isn’t an academic ‘tax thing’. This is fundamental to your international trade strategy – it may even reshape how you go to market, where you trade, and in some cases, what you trade.
There are numerous touchpoints, not least:
- Finance;
- Marketing;
- Procurement;
- Logistics; and
- Legal/Regulatory.
We can support you in preparing your best army of people, placement of task ownership, and shaping your Brexit and wider international plan.
FREE TRADE DEAL
We recommend you don’t sit and wait for a free trade deal, because many of the above factors and requirements will potentially still be in play under a free trade deal anyway. Readiness for the worst case, no-deal scenario will at least leave you neutral if a deal is done in good time.
DON’T SIT BACK AND GO WITH THE FLOW. BE REBELLIOUS, COMRADES
We’ll leave you with this final thought: this is a chance to shape your international strategy into the future… A chance to reset… Are you going to grab it, or sit back and watch it go by?
Any questions on Brexit and your business? Send them over to me at damians@cooperparry.com. Godspeed Rebels.
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