On the 1st January, a new border will be created between the UK and the European Union. Goods that previously moved unimpeded between the UK and the EU will require a customs declaration. Even with a last-minute EU trade deal agreed, goods that move across the new border will require customs clearance, that clearance being facilitated by the requisite export or import declaration.
A survey by the Institute of Directors found that only one in four companies are prepared for Britains full departure from the EU on the 1st January.
Customs declarations are a particular area of concern, with the HMRC recently contacting all UK VAT registered businesses urging them to prepare for significant changes to border requirements. HMRC’s own research has recognised that the volume of declarations required will increase by a factor of five (+215 million) per annum and that there is a major shortage of capacity for processing declarations.
The impact on supply chains could be severe as goods are held up and pose a business continuity risk.
PWC’s Customs Intermediary Service combines deep customs expertise with the ability to process declarations at volume, quickly and accurately.
If you would like to speak with one of PWC’s customs experts about your Customs requirements click here