ICAEW releases guidance on goods post-Brexit

The Institute of Chartered Accountants in England and Wales (ICAEW) has released new guidance on new customs rules and regulations post-Brexit.

Titled ‘Brexit: Determine where your goods originate’, the trade organisation’s helpsheet explains that the importer of goods pays any custom duties but can rely on a ‘statement of origin’ from the exporter.

John Boulton, the ICAEW’s director of Technical Policy, emphasised it will be likely that ICAEW members, either working in business or acting as external advisers, would need to understand potential customs consequences.

Boulton said: “It’s about being aware of this because it’s complicated, quite technical and may require some investigation to understand how it applies to your business and what controls you need to have in place

“For many UK businesses, it won’t be an issue because they’ll be clear that everything they export definitely originates from the UK, or for EU businesses – the EU.”

He added: “However, he warned that the growing complexity and global nature of supply chains meant many companies could have products that need more nuanced consideration.”

Frank Haskew, head of ICAEW’s Tax Faculty, said: “Under the UK-EU’s Trade and Cooperation Agreement, zero tariffs apply only to goods originating in the other customs territory, and there are detailed rules which set out when goods qualify and what documentation and declarations are needed to evidence origin.

“This is therefore an issue not only for those who export from the UK but also for those who import goods from the EU.”