It might just happen: Planning for ‘No Deal’ Brexit
With only 16 days till the 29th March and still no clear sign of the way ahead business must start planning for a ‘no deal’ Brexit. The changes that would take place would be significant and could impact the time it takes to bring goods in to the UK or to fulfil export orders. It could have a significant impact on costs, cash flow and the terms in your contracts.
If the UK leaves the EU without a deal as at 23.00 on 29th March –
- New Shipping and Customs procedures will come in to effect with significant administrative burdens.
- Without an EORI you won’t be able to move anything in or out of the EU.
- Possible change in tariffs – there would be tariffs on exports to the EU. There might be tariffs on imports from the EU.
- EU VAT refunds – you will have to reclaim VAT from individual Member States that you sell to
- If you import any products under CITES rules these will change
- Trading with Japan, Canada, South Korea and other countries with EU trade deal – the UK will cease to benefit from these FTAs.
- Importing from Turkey – access to duty-free goods from Turkey will stop.
- Employing EU nationals – new rules will apply.
- Using a CE mark – new requirements will be put in place.
- IP protection – different IP protection regimes will come into force.
UKFT is doing everything it can to make this process easier for fashion and textile exporters (and importers) by posting the most important documents and links here.
These are not the only ones but they are the most important for our industry. We will update them as information becomes available.