Brexit Ready

February 28th 2020

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Members joined at Crathorne Hall for an evening in partnership with Baldwins a Cogital Company to hear advice on how to prepare for Brexit. Scott Craig, Baldwins National Head of VAT shared the stage with Keith Miller, Managing Director of ECCO Finishing Supplies and Mike Greenup, Managing Director of MB Distribution to give an insight into local businesses’ opinions on how they are preparing for Brexit.

Chair of the Club, Jane Reynolds MBE welcomed the members and guests to the second event of the year and welcomed Scott Craig to the stage to give an update on the procedures that will be placed on businesses that trade with the EU.

Scott began by asking businesses who import or export goods into or out of the EU whether they had an EORI number, he said businesses must start the process in getting a EORI number as an urgent matter. Another pointer Scott mentioned was to ensure supply chains are tested and robust, to make sure any liabilities are covered. He then went into detail about:

1. Commodity codes
2. Customs valuations
3. Incoterms
4. Customs special procedures
5. Cash flow
6. VAT on services
7. VAT place of supply rules
8. VAT simplifications
9. VAT can be recovered, duty is a cost

Scott asked Keith and Mike to join the stage to discuss how they are preparing for Brexit.

Keith’s main concerns were tariffs and what the outcome would be as well as cash flow, Keith added that although he doesn’t believe there will be any issues, any increased duty costs would have to be passed on to the consumer. As the company already operates globally, they are aware of the different rules of each country, he said: “information is readily available for people to research if they want to trade internationally.”

Mike agreed with Keith and said they would have to pass on any cost to the consumer but he hasn’t faced many problems in preparing for Brexit. Although paperwork will most likely increase, this would possibly result in job creation at MB Distribution.

Scott closed the event by saying, start preparing now don’t wait, check your procedures and always ask questions and be sure.

Baldwins will be hosting a roundtable event on 14th May at their Wynyard office with their Director of National Customs Duties as well as some of their tax/VAT team. If anyone would be interested in a place please email anna.shepherd@baldwinsgroup.com.

We look forward to seeing you at our next event held on the 19th March at The Wilton Centre.