Modelling the Customs Duty Impact of Brexit
Do you know the potential customs duty impact on your business from Brexit and the options to mitigate these additional costs?
The economic landscape since the decision to exit the EU has been one of uncertainty. Whilst everyone waits for a framework for exporting and importing goods to emerge, the number of potential trade scenarios are becoming clearer, posing risk to organisations but also opportunities to gain competitive advantage.
Using our innovative Brexit Modelling tool, Customs Connect has successfully been advising businesses active in EU trade as they begin to chart their way through the impact of Brexit. Our modelling tool helps you spot compliance risks and take appropriate action to mitigate additional duty costs, all of which has a financial impact on the bottom line.
The Customs Connect Modelling tool
Our Modelling tool begins by gathering and reviewing your data enabling us to identify immediate and retrospective cost saving opportunities while ensuring that any future modelling is based on sound data. We make trade assumptions based on your import and export history, helping us assess the customs duty impact of Brexit. Working closely with you, we aim to mitigate this impact through specialist customs planning, putting your organisation in a better place and ready to face further customs uncertainty. If future developments impact on our underlying assumptions then we can quickly re-model the impact on your customs costs.
How does it work?
Customs Connect has been using the output of the Brexit Modelling tool to also help businesses drive further customs savings and risk management in other ways. If requested, we will also look into;
- Implementing customs planning to reduce ongoing customs duty costs and recovering overpaid customs duties by looking in to the core elements of customs classification, origin and customs valuation
- Identifying opportunities for autonomous duty suspensions for imported items not available in the EU and lobby for changes to the customs tariff
- Full Compliance reviews to identify potential compliance risks, fix these and mitigate the risk of penalty action
- AEO applications, audits and ongoing management to improve customs management and control and unlock further customs benefits such as guarantee waivers
- Implementation of simplified procedures (CFSP) to improve control and reduce customs transaction costs
- Implementing customs duty relief schemes such as Inward Processing, Outward Processing and End Use
- Cashflow planning through customs warehousing, duty deferment, guarantee waivers, etc.
- Intrastat reporting throughout the EU
Our innovative modelling tool is helping businesses across Europe; prepare for one of the biggest shake-ups in economic history. Contact us to find out more.