HMRC’s #Brexit impact assessment report has been updated again. Third edition. Couple of points on it
Estimated annual administrative burden on UK businesses from import and export declarations still around £7.5bn. That’s the added cost of paying for a customs declaration each time goods move from the UK to EU based on 2017 trade flows.
That obviously works both ways – EU firms would also need to pay to import/export to the UK so they would also face similar additional cost. As EU firms gradually find alternative suppliers within the EU these numbers could go down.
These estimates would obviously be somewhat impacted by the TSPs. However, important to note- these costs are not just under no deal. Most #Brexit scenarios include the need to submit a customs declaration. So this is more than likely.
As I pointed out in the HoC hearing – smaller traders are likely to pay more for customs declarations due to low volumes of trade/discounts offered to large companies given the amount of declarations
Calculations include the cost of submitting a customs declaration as well as the cost (time* hourly rate) of someone preparing the information that needs to be submitted as part of the declaration.
This is estimated to take up to 1h45min even for large-volume traders. Another point I made during the HoC hearing as well as the Public Forum recently – it takes time for biz to find the info
I would argue with one assumption HMRC made- that large volume traders submit their own declarations. That’s not what I’ve seen and not sure why they made this assumption.
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