The Impact of Brexit on Import and Export Businesses

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The Impact of Brexit on Import and Export
Businesses
Brexit is all set to happen and create impacts on
import and export businesses in the UK. Brexit
is going to impact everyone living in the UK, but
businesses are required to quickly adapt to new
rules and regulations after Brexit.

• What is Brexit?
• On 23rd June 2016, UK electorate voted to leave
  the EU. Negotiations are still in process
  between the EU and UK governments in deciding how
  the movements of services, goods, people, and
  capital all over the EU and UK borders will be
  processed after Brexit.
• On seeing this change from a business point of
  view, Britain is currently a member of the EUs
  single market and customs union, which allows its
  states to function as a single trading area with
  a combined VAT system and no border checks or
  tariffs.
• All these are going to change following Brexit
  and impacts businesses, especially import and
  export businesses.
• When Does Brexit Happen?
• Brexit is going to happen at 11 pm on 31st
  October 2019. There would be some changes in
  business regulations following Brexit, which
  include
• Most EU laws applying to the UK will still apply,
  as they will become retained EU law.
• Based on a mutual agreement between the EU and UK
  governments, to grant businesses enough time to
  adapt to the new rules, a transition period will
  be in effect from 31st October. During the
  transition period, some EU regulations will apply
  to the UK, which helps businesses create an
  orderly exit from the EU.

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• How Does Brexit Affect Import and Export or
  Logistics Businesses?
• Brexit will impact and change several processes
  of import and export businesses, which include
• Movement of goods under transit
• Movement of excise goods
• Increased volumes of import and export
  declarations
• Duty rates are expected to change
• UK introducing postponed accounting VAT
• No low-value consignment relief on VAT into the
  UK for e-commerce
• Mandatory or recommended pre-arrival declarations
• Authorized consignee/consignor status to ease
  movement through ro-ro ports
• Transport and logistics including fulfillment

How Long Does It Take to Adapt to Brexit? It is
impossible to predict the accurate time to adapt
to Brexit rules and regulations. However, you
should start planning immediately and creating
the right measures to get used to new rules and
regulations. It would be good if your business
adapts to the new rules during the transition
period itself.
How Can A Supply Chain Specialist Help You Adapt
to Brexit? If you want your business to adapt to
Brexit laws, regulations, and other changes
smoothly and quickly, you need to get in touch
with a supply chain specialist. A supply chain
specialist will first determine how Brexit is
going to impact your logistics or import/export
business and include necessary changes in your
plan. A supply chain specialist will take care of
everything that your business requires right
from shipment to billing and customs service.
Also, they will ensure all the processes are
happening as per the new rules and regulations of
Brexit. Are you worried about Brexit? Get in
touch with our supply chain specialist. We look
forward to helping you with all your logistics
requirements following Brexit.