Taking British trading companies into a new era
July - 2016
First, there is no crystal ball.
At least, Britannia Bureau Ltd. doesn’t have one.
What we do have is a keen understanding of the direction in which the World is currently moving.
Although The Union Customs Code, due to transitional implementation isn’t planned to take full effect until 2020, the process of adopting its directives still applies. Regardless of Brexit.
That’s going to be true for the next 24 months at least.
So, if our advice was that you needed to obtain ‘Authorised Economic Operator’ status, it still is. The penalties for not doing so - including the
new requirement to put financial guarantees in place- can still affect your bottom line.
Looking forward, we don’t see why any new legislation would drastically change things either.
Given that AEO (S) qualification closely follows the USA CTPAT legislation, whatever UK does next would most likely have to follow suit.
Likewise, if AEO(C) was introduced to create a level playing international field with a set of common operating practices, it still makes sense.
Certainly, our undermanned HMRC department really needs to transfer responsibility for accurate financial reporting to the user regardless of our EU status. We can’t see that changing.
Getting up to speed with the existing regime in our view still represents best practice.
What may change are the rates of duties and penalties along your supply chain depending on what new deals are struck and rules implemented by governments along the way.
On the positive side, where there is change we are not slow to recognize new opportunities it can offer. Rest assured, Britannia Bureau will be keeping a close eye on events.
The level of savings you can make right now is more important than ever.
With our help you’ll continue to have a strategy in place that maximizes your profitability while making sure you are compliant.
That’s about as future proof as you possibly can be without the crystal ball.
© 2016 Britannia Bureau Limited. All rights reserved.