The British Chambers of Commerce has been advocating for zero tariffs on trade between the UK and the EU after Brexit.
However, businesses should consider the potential impact of a situation where there are tariffs between the UK and the EU – based on the EU Most Favoured Nation (MFN) tariff (which applies to countries that do not have a special agreement with the EU).
Your business should consider
Do you know the HS codes (international classification system) for your products? Do you know the EU MFN tariff that is applicable for your product?
If the UK and the EU do not reach an agreement that removes all tariffs, what would the impact of the MFN tariff be on your cost base?
Resources and information
HMRC has published an information pack to help businesses plan ahead plan for the contingency of a ‘no deal’ EU Exit. The pack includes guidance on how Customs and Excise could be affected and actions to take now. Information is split by topic and audience, and flowcharts. Future editions of this pack will include information from other government departments responsible for policies that will impact trade at the border. The links in this Checklist will be updated once this these updates are published: https://www.gov.uk/government/publications/partnership-pack-preparing-for-a-no-deal-eu-exit
UK Government technical notice on trading with the EU if there’s no Brexit withdrawal agreement: http://www.gov.uk/government/publications/trading-with-the-eu-if-theres-no-brexit-deal
UK Government technical notice on classifying your goods in the UK Trade Tariff if there’s no Brexit withdrawal agreement: http://www.gov.uk/government/publications/classifying-your-goods-in-the-uk-trade-tariff-if-theres-no-brexit-deal
UK Government technical notice on trade remedies if there’s no Brexit withdrawal agreement: http://www.gov.uk/government/publications/trade-remedies-if-theres-no-brexit-deal