If you are importing from the EU the next stage of Brexit due to take place on 1st January 2022 will affect your business.
REX – Registered Exporter
For the first 12 months after the UK left the EU, HMRC allowed an easement for Customs documentation, whereby a statement of origin was not needed to claim a preferential (0%) rate of duty for goods imported into the UK from the EU. This will be coming to an end at the end of 2021, and your EU suppliers will now require a registered exporter REX number.
This is how REX will affect your business:
• From 1st January 2022, all export invoices from the EU to the UK must show a statement of origin in order for the preferential rate of duty to be claimed.
• Where the value of the consignment is €6,000 or less, the statement of origin can be made by any exporter. However, for consignments that are above €6,000, the EU exporter must have a Registered Exporter (REX) number and include it in the statement.
• If the exporter is not REX registered, they cannot make a valid statement of origin for goods with a value exceeding €6,000.
• If you import goods into the UK and your supplier’s invoice does not have a valid statement of origin, then Customs duty will be due on importation.