The Trade and Cooperation Agreement (TCA) provides for zero tariffs and zero quotas on all goods.
However, whether your business is importing or exporting goods or services, you probably have plenty of questions. Should you set up an entity in the relevant jurisdiction? How do you deal with profits earned there? How do you handle the vastly differing levels of corporation tax between countries? Do you pass on additional costs to your end customer? Do you need Authorised Economic Operator status?
For every single business, the scenario is different. What we can tell you is that our import/export experts know every centimetre, or should we say inch, of the cross-border trade labyrinth. For months now, we have been living and breathing Brexit’s impact on our clients who are importing and exporting.
Those of you trading goods need greater awareness of your supply chain and the different rates of duty payable on different products. For exporters, you will need to fulfil ‘Rules of Origin’ requirements. For importers, we can help you allocate the administrative burden of import and apply for recovery of import VAT.
For those involved in distribution and logistics, whether to establish a central hub or alter your transportation routes are some immediate considerations. FMCGs needing refrigeration or special atmospheric conditions need to avoid delays at customs. Road haulage permits are required, even if you are simply traversing a jurisdiction bound elsewhere.
If you need to set up an entity, we can help you decide, firstly, where and, secondly, whether it has to be a subsidiary, branch or ‘pass-through vehicle’. You need to address issues like financing, regulatory implications, back-office function, interaction with HQ, tax and transfer pricing rules.
If your entity is to be staffed, you need to comply with local employment stipulations. In terms of repatriating profit, we walk you through withholding taxes, domestic exemptions and the reliefs you’re eligible for.
And don’t get us started on IP, EU VAT, EORI, LVCR or MOSS…unless you want us to, of course.
If you would like more information, please get in touch using the form below.