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63 Days to the end of Brexit: Things you need to do #2
There are just 63 days until the end of Brexit, or rather the end of the transition agreement which will come to an end and either there will be a long term trade deal or there won’t. The UK’s Prime Minister announced recently that time had run out on the 15th of October and the country must prepare for a no deal scenario and that was immediately followed by the EU rushing back to the closed negotiations saying that a deal was still possible and that they were ready to compromise on legal texts – your guess is as good as anyone’s on what might happen before the end of the year.
However, having left the EU we’ve enjoyed a few months of normal trading with the EU as if we were still members under the transition agreement and that is about to come to an abrupt halt by the 1st of January 2021. There are some steps all retailers should be taking and these are actions you will need to do regardless of whether there is a long term trade deal with the EU or not.
End of Brexit: Things you need to do #2
Over the next few weeks, in partnership with GFS, we are going to bring you some bite sized actions you need to take, each of which will only take a short amount of time to complete. Tip #1 is to get an EORI number. Tip #2 is classify your products using HS Codes.
The Harmonised Commodity Description and Coding System (HS Code) is the internationally recognised goods classification system that identifies the type of goods that are being imported/exported and is the basis for calculations of duties.
Many carriers will require these to process your shipments at Customs. If your HS Codes are incomplete or inaccurate, your shipments could be held at customs, or you could end up paying too much or too little tax – all of which could cost you.