O/T DDay for Brexit..well sort of...

[WanChaiMiller]

No deal and trading with the EU under WTO regulations will cost UK businesses multi £billions every year. I bet those campaigning on here will not be the ones sticking their hands in their own pockets to stump up the bill.

Under WTO regulations vat and duty has to be paid at the point goods clear customs. We currently import £341b pa from the EU. If we continue importing at the same rate, with duty on average 10%, UK companies will have to stump up £34b to bring these good in. VAT at 20% will be another £68b (but financed till their next return).

To get automatic clearance individual companies or their shipping agent will need lodge a bond with UK Customs - this is impossible to calculate but probably 2 months of £102b about £17b - or each clearance transaction must be paid separately.

This cost does not include the extra staff and customs officials and bonded warehousing, etc.

All this is new money we did not need to find before.

No deal brexit is really something we should try to avoid.

[one_a_day]

No deal and trading with the EU under WTO regulations will cost UK businesses multi £billions every year. I bet those campaigning on here will not be the ones sticking their hands in their own pockets to stump up the bill.

Under WTO regulations vat and duty has to be paid at the point goods clear customs. We currently import £341b pa from the EU. If we continue importing at the same rate, with duty on average 10%, UK companies will have to stump up £34b to bring these good in. VAT at 20% will be another £68b (but financed till their next return).

To get automatic clearance individual companies or their shipping agent will need lodge a bond with UK Customs - this is impossible to calculate but probably 2 months of £102b about £17b - or each clearance transaction must be paid separately.

This cost does not include the extra staff and customs officials and bonded warehousing, etc.

All this is new money we did not need to find before.

No deal brexit is really something we should try to avoid.

If the UK leaves the EU without an agreement, the government will introduce postponed accounting for import VAT on goods brought into the UK. This means that UK VAT registered businesses importing goods to the UK will be able to account for import VAT on their VAT return, rather than paying import VAT on or soon after the time that the goods arrive at the UK border. This will apply both to imports from the EU and non-EU countries.

[WanChaiMiller]

Currently, through the EU, we participate in 750 trade treaties with 78 countries. They all lapse at 11pm 29th March 2019 if we crash out with no deal.

The upside of Mays interim deal is it holds these treaties in place until we can negotiate our own trade deals.

[Exiletyke]

Currently, through the EU, we participate in 750 trade treaties with 78 countries. They all lapse at 11pm 29th March 2019 if we crash out with no deal.

The upside of Mays interim deal is it holds these treaties in place until we can negotiate our own trade deals.

Which means we are participating in Trade deals with 51 non EU countries
What's stopping us just carrying on with that arrangement under the same conditions with the 51 & preparing for it?
I'm sure the 51 would be delighted wouldn't they?

[WanChaiMiller]

If the UK leaves the EU without an agreement, the government will introduce postponed accounting for import VAT on goods brought into the UK. This means that UK VAT registered businesses importing goods to the UK will be able to account for import VAT on their VAT return, rather than paying import VAT on or soon after the time that the goods arrive at the UK border. This will apply both to imports from the EU and non-EU countries.

Agreed it would be a help. But like you say under WTO regs will need to be for all countries and not just a preferred partner (ie it cant be for EU only).

There will still be a lag for goods brought into stock and components part. 60% ish if imports are brought in as component parts for our industries that arent for immediate resale. There will be some exposure.

[millmoormagic]

Questions to those involved in import/export...

Has the gov't asked or given any advice re brexit at any time?

Why do you think these things haven't been openly discussed by practically anyone during and after the referendum campaign??

I find it incredible personally...

[great_fire]

Not that incredible.

We invaded Iraq without any plan of what to do afterwards.

[animallittle3]

If you have a spare half n hour just watch this debate on the common market in the 1970's between Michael Foot and Edward Heath .

Note the words of Michael Foot on what will happen and indeed did .


https://youtu.be/CuZrzwm6CJs

[Exiletyke]

If you have a spare half n hour just watch this debate on the common market in the 1970's between Michael Foot and Edward Heath .

Note the words of Michael Foot on what will happen and indeed did .


https://youtu.be/CuZrzwm6CJs

Or the words of Tony Benn on this one

https://www.youtube.com/watch?v=_zBFh6bpcMo


What's amazing to me is that fundamentally nothing's changed in respect of the arguments

[animallittle3]

Corbyn feeling the heat , a leadership challenge could be imminent .


https://www.theguardian.com/politics...backing-brexit