The UK has left the EU and a new trade deal has been agreed. If you’re based in the Peterborough area and have concerns about how the transition period will impact your business, please get in touch with Opportunity Peterborough. We will ensure your organisation gets the support it needs.
All businesses have to make a number of changes to ensure continued flow of people, data, goods and services between the UK and the EU. You must take action as the UK is no longer in the single market or the customs union.
Government announces NEW £20 million SME Brexit Support Fund
The £20 million SME Brexit Support Fund, offers support to help small businesses adjust to new customs procedures, rules of origin, and VAT rules when trading with the EU.
Eligibility: The SME Brexit Support Fund could give you up to £2,000 if your business has up to 500 employees, and no more than £100 million annual turnover.
Resources and actions for your business:
Delaying your customs declarations
If you import goods from the EU into Great Britain that are not on the controlled goods list, you can delay making full declarations to HMRC for up to 175 days after you import your goods, provided the goods were imported before 1 January 2022.
If you are already making full declarations, you do not need to change anything, but for those who are still getting to grips with the changes, you now have longer to prepare. If you have chosen to delay your declarations, there are some things to consider:
- Make sure you are keeping a record of all your imports, so that you are ready to complete your supplementary declarations in time.
- Before your goods are imported, make sure that you agree with the person responsible for moving your goods whether they will be declared using delayed declarations or using existing customs processes at the point of entry.
If you have already imported goods using delayed declarations, the announcement does not extend the period between importing your goods and making your supplementary declarations. You will still need to submit your delayed supplementary declarations within 175 days of the goods arriving in Great Britain. For example, if you imported goods on 5 January using the delayed declaration option, you will need to make your supplementary declarations by 30 June.
- Customs declarations can be complicated, so many businesses decide to use a customs intermediary to deal with import and export declarations on their behalf. Types of intermediaries include:
- Royal Mail and fast parcel operators – who are particularly useful if you are a small business that is used to sending goods through the post or with parcel operators
- Customs brokers and agents who might be better for businesses that trade more regularly
- Freight forwarders, who can provide more specialist advice
Specialist local support
Brexit4Business is a dedicated resource for businesses within the Cambridgeshire and Peterborough area, including Huntingdonshire and Fenland. This team of experts is running regular workshops on EU Settlement and import and export, and are also available for one-to-one advice and guidance. For more information, visit: https://www.brexit4business.co.uk/
You can also contact the Institute for Export, based in Peterborough, for additional support on import and export.
Better Business for All supports businesses with compliance and connects you with all regulatory advisroy services your business needs.
UK-EU Transition Helpline: Cambridgeshire Chambers of Commerce, in partnership with the Cambridgeshire & Peterborough Combined Authority (CPCA) Growth Hub, is on hand to offer you the essential advice and support you need as a business to ensure you can continue trading following the end of the transition period and can guide you to the resources you will require. If you have concerns following the end of the UK-EU transition period and how it affects your business, please get in touch with the Cambridgeshire Chamber and the CPCA Growth Hub team:
01223 209812 / 01223 209816 firstname.lastname@example.org
Visit the UK Transition website for more information and details of changes to import and export.
To discuss how your business can prepare or exporting, or adapt to new rules, please contact Opportunity Peterborough for guidance.