Fishing: Case Study 4

Background

Scottish fish supplier with 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.

Our Approach

  • Discussions with our client to fully identify their current supply chain
  • Identified need for and supported with applications for necessary VAT, EORI and Postponed Import VAT accounting approvals
  • Provided support with invoicing requirements; including necessary invoice statements and with communications to customers to explain the new

The Benefits to The Client

  • 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.

The Plus Factor in Action

  • We helped our client make money by the removing cashflow impact of import VAT payments
  • We gave our client peace of mind by ensuring that they were able to continue with their existing vital invoice financing arrangements
  • We saved our client time by significantly reducing the volume of customs and other supporting documentation required for each consolidated load
  • We supported them now and in the future by continuing to support the client in relation to the invoicing and other communications to suppliers
More in this category: « Fishing: Case Study 3
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Key Contact

Derek Mair
Partner

derek.mair@aab.uk
+44 1224 625111

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