Post-Brexit reporting and funding for EU markets
A Scottish fish supplier with an established market in EU countries requiring support to navigate post-Brexit reporting and funding challenges.
Issues were twofold, delays in moving goods as a result of post-Brexit customs regulations and loss of invoice financing arrangements.
- Discussed with our client to fully identify their current supply chain.
- Identified the need for support with applications for the required VAT, EORI and Postponed Import VAT accounting approvals.
- Provided support with invoicing requirements including invoice statements and communications to customers.
- The solution removed the need for significant volumes of customs and other supporting documentation for each shipment.
- In addition, the need to make upfront payments of import VAT on entry of the goods into the EU was removed. This avoided an average 3-6 month wait for the refund of the VAT outlaid.
- As the invoicing to the overseas clients was done by a UK entry (rather than a new entity set up in the EU), the client was able to continue to benefit from invoice financing arrangements with their financial advisor.
- As we provided support with the necessary invoicing statements and customer communications, resistance to the changes from customers was removed
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