In five months, the UK is due to leave the EU and the 145,000 VAT-registered UK businesses that currently trade only with the EU will become importers and exporters. HMRC estimates this will require an additional 200 million customs declarations per annum. Yet many UK businesses simply do not have the expertise required to comply with such customs formalities.
Trade compliance is crucial in a post-Brexit trading environment. Failure to comply with these complex new customs procedures risks significant financial penalties and reputational damage. In this ever-changing geopolitical climate, businesses need traction, not friction.
To successfully navigate these risks, it is vital that businesses implement an effective trade compliance programme – but with a UK-wide lack of expertise, this is not a simple task.
Medilink member Gowling WLG recognises the trading challenges created by Brexit. To assist your business overcome these challenges, they have built on the existing strengths of their Trade group to add a new service offering; customs & trade.