AEO and Brexit

Question

I work in the tax team of a major UK manufacturer trading globally and the CFO has raised the question of whether we should be doing anything specific in the international trade arena to prepare for Brexit. We have already carried out an exercise to determine the worst case scenario customs duty rates that would apply to our imports and exports in the event of a ‘hard Brexit’. Is there anything we should be looking at in addition to this to ensure the business is in the best position possible given the continued uncertainty?

Answer

In the period immediately after the referendum the focus for businesses was very much on trying to establish the increased landed cost of goods being imported and exported including those current intra-EU transactions falling under the import/export umbrella post Brexit. This...