It is always a good idea to try and keep yourself informed when it comes to changes in legislation, especially if new rules being introduced could have an impact on your business and trading plans.
Sites such as lawmanaging can usually be a good source when it comes to the latest legal developments and stories, and with regard to the proposed changes to European import and export laws, here is a look at what lies ahead.
The impact of Brexit
It has been on the horizon for a number of years but the day of reckoning has finally arrived for the United Kingdom and it is no longer a member of the European Union.
This democratic decision has had an impact on European import and export laws with various proposed changes coming into force throughout 2021.
With effect from the 1st January 2021 a number of rules will be amended to reflect the fact that the trading arrangements for the EU have changed and this means that customs and duties, as well as VAT accounting procedures, will have to be updated if you are exporting or importing goods within the EU.
With immediate effect, you will now be required to make customs declarations whenever you plan to export or import goods with the EU.
There is no fundamental difference between the procedures used for importing goods from around the world and it is just a reflection of the updated status of the UK as a Non-EU member from 1st January 2021.
You will be able to make these declarations yourself or you can pass on this responsibility to the freight forwarder, courier, or customs agent you are using for the transaction.
With regard to imports, the vast majority of declarations are submitted electronically via the Customs Handling of Import and Export Freight (CHIEF) system, followed by a full declaration at the point when the goods enter the UK.
It is a similar scenario with regard to exporting, where the National Export System can be used for declarations.
What you need to do
There are a number of key steps that you are required to follow for compliance with the latest EU import and export regulations.
If you have not already arranged access to the CHIEF system you should arrange to do this immediately, and you might want to take advantage of a software package that makes it easy to submit these declarations.
Make sure you also register for the aforementioned National Export System too, and you may also wish to apply for so-called Simplified Declarations using the form C&E48.
Although it is intended to make trading within the EU as simple as possible it can still be daunting to try and keep up with the latest changes to legislation. This is why you might decide to take advantage of software packages or customs brokers who have the knowledge and experience to ensure that all of your paperwork complies with all of the current rules and regulations.