24 Apr 2019

5 Actions Businesses Trading Goods Must Implement if a No-Deal Brexit Occurs

There is a possibility that a no deal Brexit may occur, in which if this happens, traders need to be prepared for the changes that will be implemented.

HM Revenue and Customs (HMRC) has produced various items of collateral to assist and advice traders in this scenario, which we feel will be of interest to our Pegasus customers.

There are 5 key areas businesses must be made aware of.

  1. Applying for a UK Economic Operator and Registration Identification (EORI) number
  2. Transitional Simplified Procedures (TSP)
  3. Preparing to make customs declarations
  4. Entry summary declarations (also known as safety and security declarations)
  5. Paying the correct import and export duty & VAT.

Applying for a UK EORI number

A UK EORI number is vital for moving goods into or out of the UK. HM Revenue and Customs use this number in order to identify your business and collect duty on your goods. Without a UK EORI number, you may have increased costs and delays on your goods.

For example, if HMRC cannot clear your goods, you may have to pay for storage fees.

You will need to ensure that you have a UK EORI number that starts with GB to be able to trade goods into and out of the UK. If you do not already have a UK EORI number, then you will need to have one by 11 pm on 31st October 2019 if the UK leaves the EU with a no deal. This is so that you can:

  • Trade goods into or out of the UK
  • Submit declarations using software (or to give to your agent to make these declarations on your behalf)
  • Apply to be authorised for customs simplifications and procedures.

To apply for a UK EORI number, follow the link here https://www.gov.uk/guidance/get-a-uk-eori-number-to-trade-within-the-eu

Transitional Simplified Procedures

Transitional Simplified Procedures, otherwise known as TSP, has been introduced to make importing from UK businesses from the EU to the UK easier in case of a no deal Brexit. However, it is important to note that TSP is NOT designed for goods imported directly from the rest of the world or goods covered by other special procedures.

HMRC has announced extending arrangements to make importing from the EU as easy as possible for the initial period after the UK leaves the EU with a no deal, such as:

  1. A six-month extension on certain supplementary customs declarations
  2. Making TSP available at all UK ports
  3. Importing businesses have until 30th September to get a guarantee.

Once a UK business is registered for TSP, you can transport goods from the EU into the UK without having to make full customs declarations at the border or pay import duties straight away.

To register for TSP, you will first need to register for a UK EORI number. Follow the link here to see how to register: https://www.gov.uk/guidance/register-for-simplified-import-procedures-if-the-uk-leaves-the-eu-without-a-deal

Preparing to make Customs Declarations

If the UK leaves the EU, you will need to consider how to submit your customs declarations, in which you can do it yourself or through a third party. Third parties help with customs processes and movements of your goods. These include:

  • Freight forwarders; help to move goods around the world for importers and exporters, will arrange customs clearance of goods crossing the frontier and have the right systems to communicate with HMRC systems.
  • Customs agents or brokers; make sure that your goods clear customs on the way to final UK destination and act as direct or indirect representatives.
  • Express couriers; operators specialising in time-critical transportation of documents, parcels, freight, offer worldwide integrated door-to-door shipments and track & control shipments throughout the journey.

Preparing to make customs declarations.

If you are doing it yourself, you will need the right software and necessary authorisations from HMRC, in which all customs declarations need to be submitted electronically, either using Customs Handling of Import and Export Freight or Customs Declaration Service which HMRC are introducing.

You can find out more about making customs declarations here: https://www.gov.uk/guidance/declaring-your-goods-at-customs-if-the-uk-leaves-the-eu-with-no-deal

Entry Summary Declarations

New security legislation will require advanced information for goods arriving or leaving the EU, hence the introduction of pre-arrival forms known as Entry Summary Declarations, otherwise known as Safety and Security Declarations.

It is important to note that this declaration is currently not required when importing goods from the EU and that when the UK leaves the EU, there will be no need to submit an Entry Summary Declaration for 6 months. This allows UK businesses time to prepare for changes to the EU to UK trade. However, Entry Summary Declarations continue to apply for trade from the rest of the world.

It is important to note that:

  1. New rules apply to goods coming from the EU
  2. Rules for importers will NOT change
  3. You will still need to submit import declarations
  4. Import declarations will be made easier with TSP.

After the 6-month period, carriers will be legally responsible for submitting Entry Summary Declarations to HMRC before the imported goods arrive in the UK at the time specified by mode of transport. If you are an exporter from the UK, you can make export declarations using HMRC’s National Export System (NES), which you can find more about it here: https://www.gov.uk/guidance/export-declarations-and-the-national-export-system-export-procedures

It is important that you complete these in advance so that you can get permission to export before your goods leave the UK.

Paying the correct Import and Export Duty & VAT

In addition to making import declarations, you may also be required to pay VAT, Excise Duty or Customs Duty as the current rates when you are importing your goods. Whether you pay customs duty on imports depends on:

  1. The classification of your goods
  2. Where they’ve come from

If the EU leaves the UK with no deal, different rates of customs duty on imports may need to be paid, in which there will be temporary rates set which will apply from the date the UK leaves the EU and will be in place for up to 12 months from that date.

Most goods imported to the UK will have a zero-duty rate, with UK imports from the EU currently a hundred percent intact tariff free and will face no new customs charges. With the temporary tariff, 82% of EU exports to the UK will continue to be eligible for tariff-free access to the UK market.

For UK VAT-registered businesses, you will be able to account for import VAT on your VAT return, rather than paying import VAT on or soon after the time that the goods arrive at the UK border. This will apply to both imports from the EU and non-EU countries.

A list of Excise Duty rates have been published by the government which you can find here: https://www.gov.uk/trade-tariff

At the time of importing goods, you must either pay the Excise Duty or place goods under a Customs or Excise Duty suspension. If your business exports goods subject to Excise Duty from the UK, then you must follow the correct procedure whether:

  • Goods are in Excise Duty suspension arrangement
  • Excise Duty needs to be paid.

However, you can claim back Excise Duty paid on exported goods out of the UK.

If you are a trader and require more advice and guidance for importing and exporting goods if the UK leaves the EU with a no-deal, then please head over to the GOV.UK website to find out everything you need for preparing for the EU exit: https://euexitbusiness.campaign.gov.uk/
Contact Synergy Technology today on 0345 456 0050 to find out more about our services and products that we offer.

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10 Apr 2018
04 Jul 2017

Business Intelligence reporting integration with Pegasus XRL

Pegasus XRL is the award-winning Business Intelligence tool which seamlessly links your financial information with Microsoft Excel. A feature of Opera 3, by using XRL there is no more re-keying, no more copy-and-pasting and no more data falling through the cracks.  It’s just fast, accurate and secure reporting and analysis.

Synergy Technology is one of the UK’s leading providers of Pegasus accounting, payroll and business software solutions. We have a dedicated team of highly qualified Pegasus support technicians and software implementation experts, who can help to install, train and support your Pegasus Opera system.

Summary

Pegasus XRL provides powerful and adaptable access to the financial and distribution modules within Opera 3. With its flexibility, ease of use and advanced drilldown capabilities, Pegasus XRL delivers fast and accurate information to provide enhanced analytical power.

xrl screen showing reporting

Pegasus Opera showing XRL

Ease of use

Pegasus XRL really is easy to use. The XRL Wizard will help you import data into Excel. Simply select the Company for which you want to get data, identify the area of the system you are interested in and then choose the fields you want to import. Plus, it’s all written in plain English so you don’t have to work with technical jargon. Getting your company’s data into Excel will now take seconds!

Accuracy and security

The first step to using Pegasus XRL is to log on to the software. This is important as it allows the system to check your user rights and thus ensure sensitive data is only accessible to the relevant personnel. Once this has been done, you can use Pegasus XRL to display financial data in no time at all. What’s more, it’s accurate too. Pegasus XRL data is extracted straight out of Opera 3, therefore eliminating the input errors common in manual spreadsheet use.

Reporting power

With Pegasus XRL, you can create a link between the data and a specific field in a spreadsheet so that you can design Management Reports (P&L, Balance Sheet etc) in Excel and link the data fields ‘live’ into the latest financial information. This means that producing Management Reports now takes hours rather than days. Further reporting power is provided by multi-dimensional analysis tools such as Cube Analysis and Pivot Tables.

Opera XRL screen showing drill down

Pegasus Opera XRL showing drill down

Drill down to individual transactions

Not only can you export data into Excel, you can also interrogate those fields and drill down to the transactions behind them.

For example, a Turnover Value for a customer can be expanded by invoice number and then expanded again so that you can see the stock items which make up that invoice. The real power of this becomes obvious the moment you’re asked to explain a value on a spreadsheet; using drilldown to investigate the transactions behind the field, you’ll have an immediate answer without having to refer back to the accounts system.

Writeback

The Data Send facility in Pegasus XRL is easy to use and allows you to take information which has been prepared in Excel and load it directly into Opera 3. Information such as Nominal Budgets, Price Lists and Stock Adjustments can all be entered into Opera 3 with a minimum of effort. Not only does this feature save a great deal of time, it also eliminates the need to undertake mundane repetition of manual input and therefore proves most popular!

Data Cubes

Data Cubes provide multi-dimensional views of data for use in business analysis. An example of this would be where insight is needed into sales of stock items by region, sales representative, type and so on, and in any combination – this would be the sort of information that exists within the finance system, but would not be so readily available and with this degree of manipulation.
The key to Data Cubes is that information can be manipulated in many ways for a quick and effective view of trading conditions. Furthermore, the data in one of these virtual cubes can be:

  • Sliced (eg breakdown company turnover by customer)
  • Diced (see which products those customers buy)
  • Drilled (see details of every invoice for that customer and product)
  • Charted (instant chart will provide a concise and clear visual representation of selected data – ideal for spotting problems and errors)
  • Distributed (Cube Analysis results can be saved as an Excel Spreadsheet or PDF and quickly dispatched to people)

The Cube Analysis feature within Pegasus XRL provides an efficient and easy way of working with Data Cubes so that data analysis can be undertaken rapidly and with the minimum of fuss. The result is that many finance departments can conduct interesting and thorough investigation into performance data, spotting trends, problems and opportunities and therefore providing a value added service for the organisation.

Excel users who already have experience with Pivot Tables will particularly enjoy working with Cube Analysis. Indeed they may well find it even easier to select and import data into a Pivot Table when using Pegasus XRL.

Features of Pegasus XRL

With Pegasus XRL, extracting data from Opera 3 is astonishingly easy. You simply select what you need from the drop-down menus and click.

Everything you’ve selected is immediately imported into an Excel spreadsheet for you. And if you change your mind about the data you’ve selected or want to look at things differently, a few more clicks is all it takes.

XRL showing management reports

Pegasus Opera XRL showing management reports

Save time

These days no-one can afford to spend days producing simple management reports. Pegasus XRL dynamically links effective and accurate reports to an Excel spreadsheet so they only take a matter of minutes to produce – and you can concentrate on getting a solid grip on your company’s financial performance.

The Pegasus XRL link is live, so you’ll always be working with up-to-date information. No matter how long you spend on your analysis, your results will always be valid.

Pegasus Opera XRL showing the Balance Shee

Pegasus Opera XRL showing the Balance Sheet

Pegasus XRL is an award winning and cost effective tool for customers operating Pegasus accounting software. These benefits include:
• Significant time savings over manual entry
• Accurate data transfers ensuring accurate results
• Powerful analytical tools for better and quicker results
• The dynamic link between Opera 3 and Excel can provide instant management information for timely decision-making
• Powerful reporting tools to present data in easy-to-understand graphical form
• Use Pegasus XRL’s powerful reporting tools to analyse your data and spot looming issues and opportunities, in order to make the most of your company information

SOURCE: Pegasus Opera

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