How can businesses mitigate the Impact of Brexit on import costs?

January 2018

The economic landscape since the UK’s decision to leave the EU has been one of uncertainty. The types of potential Brexit deals are becoming clearer, some of which may pose a risk to UK and EU27 organisations but also may realise opportunities to gain a competitive advantage in a tougher market and that is where Customs Connect can help.

Using our innovative Brexit Modelling tool, we can help you spot potential compliance risks and make the most of any opportunities to mitigate additional duty costs, all of which has a financial impact on the bottom line.

The Customs Connect Modelling tool

We start by gathering and reviewing your data, enabling us to identify immediate and retrospective cost saving opportunities. We make various assumptions based on your import and export history, as well as the emerging scenarios that have been reported from the ongoing Brexit negotiations. These assumptions help us assess the customs duty impact of Brexit. If future developments impact on our underlying assumptions, then we can 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 to prepare for one of the biggest shake-ups in economic history. Contact us to find out more by calling +44 (0)845 519 0878.

Contact us today +44 (0)845 519 0878