Trade, tariffs and taxes: new tools to demystify exporting
18 February 2020: Rosalia Wood, Regional Industrial Strategy Manager at ICAEW, outlines new resources provided by the Government aimed at making export easier for British business.
On 31st January at 11pm, the UK finally left the European Union after three years of intense political flux. Whatever your views on Brexit, business in the UK now needs to prepare itself for life outside the EU.
While it is still a long road to the UK obtaining a trade deal with the EU, trade talks with non-EU member states are already well underway. This increased freedom for the UK to set its own trade terms undoubtedly represents new opportunities for British businesses buying and selling goods outside of the EU, and we at ICAEW believe that companies should widen the net on their exporting practices as much as possible to take advantage of this. But, in this environment of turmoil and confusion over trade deals, how can businesses looking to export to these markets get the most up-to-date information on their tariffs, rules and taxes?
The Department of International Trade thinks it has found a simple solution to this issue, and recently launched two new free-to-use tools to combat business bafflement when it comes to exporting rules. The "Trade with the UK" tool provides companies exporting goods into the UK market with detailed and up-to-date information on topics such as tariffs, taxes and rules.
Business exporting out of the UK can take advantage of the new "Check How to Export Goods" tool, which holds information on trade and customs requirements for over 160 markets around the world, and has stacks of support on UK border rules around environmental controls, taxes and other domestic exporting features. All you need to know is what your product is made of and the market it is going to – it’s that simple.
If you’re considering starting to export, or simply want to expand your operations to new markets, give these new and free tools a go. You can consult DIT’s resources for export. We at ICAEW welcome this move to encourage exporting, and we are offering similar peer-to-peer support through our Exporting Community. And don’t forget to visit our Brexit hub.