As ‘Brexit Day’ is just 24hrs away, it is imperative that those working in the international supply chain are aware of the requirements for trading once outside the EU.
MRO’s, parts suppliers and maintenance organisations whose customer base is drawn from the EU will need to address that the UK will become a third country come January 2021 and they will be required to comply with a range of customs and tax regulations that previously may not have applied to their business.
Whilst this still seems in the distant future having only just entered 2020, it can be a time consuming exercise to bring your business up to speed with often complex areas of customs and VAT regulation.
Some of these companies will require approvals from HMRC, known as Special Procedures, to work on or ‘process’ aircraft and parts from the EU. Special Procedures suspend the normal import taxes and duties that apply to third country goods, removing financial barriers to trade and reducing costs. However, special procedures take time to obtain and will generally require a guarantee to be lodged to cover the potential customs debt.
Martyn Fiddler Aviation has these approvals in place and can extend them to organisations in the aviation sector to help them continue their business activities and maintain compliance.
For further details contact Phill Rawlins at our UK office +44 (0) 7766 399 499 or email phill@martynfiddler.aero
As ‘Brexit Day’ is just 24hrs away, it is imperative that those working in the international supply chain are aware of the requirements for trading once outside the EU.
