United Kingdom Warehousing Association supports Government’s guidance for British businesses on trading with the EU in the event that a Brexit deal cannot be reached as it mirrors its own message to members that it is best to prepare for a no-deal.
UKWA recommends its members to get goods classified and start showing the tariff number on commercial invoices, make sure that they are VAT registered, to explore AEO and to talk to their bank about a deferment account.
“One benefit to come out of a no deal scenario,” said UKWA CEO Peter Ward, is “we would have postponed accounting for VAT for EU and non-EU trade – ie VAT accounted for but not actually paid. This is positive news for UK importers and will provide a nice one-off cash flow injection into businesses.”
He added: “UKWA will continue to lobby that this should be applied even if a deal is reached on Brexit, as this has been a longstanding discussion since it was originally removed some years ago.”
