Take advantage of flexible terms for imports from the EU to UK
Until 31 December 2021, traders importing goods from the EU to the UK can opt to delay their customs import declaration by 175 days
EU officials have issued a reminder to EU traders importing into the UK that they can take advantage of flexible import terms.
Ensure record keeping is always up-to-date
Businesses that choose to delay their declaration must keep accurate records of all imports (including a record of the relevant commodity code) and submit the appropriate supplementary declaration within 175 days of import.
Be ready to demonstrate origin
The EU Commission notice points out that EU exporters may be required to produce a statement of origin, demonstrating that the goods originate in the EU. In addition, the transporter may be required to produce evidence that the declaration of origin was made.
What else do EU traders need to know?
Diplomatic tensions over Brexit implementation notwithstanding, EU companies that import into the UK can also take advantage of preferential terms of trade. Notably, traders do not have to pay import tariffs if they can demonstrate that Rules of Origin criteria have been met.
In addition, traders require a valid EORI number and all relevant supporting documentation.
What happens in 2022?
From 1 January 2022, importers will no longer have the opportunity to delay their paperwork by 175 days.
However, businesses may still apply to use simplified customs declarations at the point of entry, with an obligation to provide supplementary submissions within a month.
Secure better terms of trade
Global trade is complex. Managing your VAT doesn’t need to be. VAT IT will optimise your import process and ensure you never miss an opportunity to reclaim VAT.
Our VAT specialist will provide full clarity and assistance on all customs and VAT procedures. If you import from the EU, we will provide the support you need to trade as cost-effectively and efficiently as possible. We can also act as your VAT intermediary, if required.