With Brexit fast approaching - the official date the United Kingdom exits the European Union is Friday 29th March 2019 - we've put together a handy guide of 'Four Ways to Prepare Your Business for Brexit'.
If you're struggling to keep up with the Brexit jargon and important dates, we've answered some common questions below:
What is the Transition Period?
The proposed period between the UK leaving the European Union, on 29 March 2019. The transition period ends on December 31st 2020. The Transitional Period will only come into effect as part of a withdrawal agreement from the EU.
What is the Single Market?
The single market is an area covering the EU member states, along with four other countries, that involves the free movement of goods, services, people and capital (or money). Countries in the single market share common rules and regulations to make it easy for companies to trade across national borders.
What is the Customs Union?
A trade agreement under which two or more countries decide not to have taxes (or tariffs) on imports of goods from countries in the union. Countries also decide to set a common tariff on goods entering from outside the union. The EU customs union includes EU member states and some small non-EU members and forbids members from negotiating trade agreements separately from the EU.
What is a Soft Brexit?
Leaving the European Union but staying as closely aligned to the EU as possible. It could keep the UK in the single market or the customs union or both. It could involve British compromises on free movement of people, allowing European Union citizens rights to settle in the UK with access to public services and benefits.
What is a Hard Brexit?
A hard Brexit would be one where few of the existing ties between the UK and the EU were retained, so it would mean Britain giving up membership of the EU's single market, and the benefits of being part of a free trade area with the EU, and setting up its own trade deals and rules. It is a phrase often used by critics of Brexit who think it will harm the UK economy.
What is AEO?
AEO stands for Authorised Economic Operator an internationally recognised quality mark indicating that Crossflight’ role within the international supply chain is secure and your procedures and customs controls are compliant and efficient.
What is An EORI?
An EORI number is a European Union registration and identification number for businesses which undertake the import or export of goods into or out of the EU. Businesses need an EORI number to trade goods with countries outside the EU. Clients can apply for an EORI number via the GOV.UK website.
What is the WTO?
The World Trade Organization is an intergovernmental organization based in Switzerland that regulates international trade. In the event of a Hard Brexit, WTO tariffs will apply on Exports and Imports.
Crossflight are ready
As said before we are preparing our business for all post Brexit scenarios. We are fully committed to helping our customers to trade as effectively as they can and with this in mind, we are interested to hear your views and answer any questions you may have. Please email email@example.com to share your questions.