Must-read letter in the FT today: We are a 95 per cent export manufacturer of high tech instrumentation, so we have a lot of experience in overseas trade. On May 24 the head of HM Revenue & Customs estimated that post-Brexit, import-export may cost industry £20bn extra at UK borders. With £10m of exports, 75 per cent outside the EU, and £1.5m of imports, 85% non-EU, we are in a good position to give a realistic figure for these costs. All imports enter under Inward Processing Relief, and no taxes are paid at the border. Goods may remain in the UK for up to nine months free of duty and value added tax. Duty and VAT become payable if the goods are sold within the EU, but not if they are exported outside. When we sell our equipment to a Japanese company, we invoice free of VAT as an export. It collects ex-works and delivers worldwide, sometimes direct to a customer within the EU. It will invoice without VAT as, being based in Japan, it is not VAT registered. It is that company’s ...