Many businesses are understandably concerned over the uncertainty that Brexit is causing. The protracted nature of the negotiations and shenanigans within political parties, is not good for business. Now the possibility of a no deal Brexit is becoming more of a possibility, HMRC are providing some practical guidance to UK businesses that trade only with the EU.
This guidance is applicable to you if you conduct any degree of EU sales or purchases.
In a letter to businesses, HMRC is asking businesses to take a number of actions to prepare for no deal. These include:
- registering for a EORI number at Get a UK EORI number to trade within the EU
- deciding if they want to hire an agent to make import and/or export declarations for them or if they want to make declarations themselves using relevant software
- registering for Transitional Simplified Procedures (TSP), which is a new process to make importing easier than it otherwise would be for the initial period after the UK leaves the EU, should there be no deal – registration opens from 7 February on GOV.UK.
Prepare your business for the UK leaving the EU tool
On HMRC website there is a simple tool that asks 7 questions and then directs you to the right help for your business. Dependent on which sector you operate in, what type of business you do with the EU and whether you employ EU citizens or not, you can use this tool to find out:
- what your business may need to do to prepare for the UK leaving the EU
- what’s changing in your industry
- information on specific rules and regulations
Remember, you’ll just need to answer 7 simple questions to get guidance relevant to your business.
Once you have used the tool you can sign up to relevant updates that are specific for you. HMRC is also giving updates on the way businesses trading with the EU pay import VAT and use EU VAT IT systems, in the event of no deal.
You can find the full letter and guidance on ‘no deal’ Brexit on HMRC’s site.
There are also some useful guides available covering specific areas, such as:
- Customs procedures
- Moving goods to and from the UK
- VAT IT systems rules and processes
At Howards we are focused on helping our clients through the minefield of a no deal Brexit, if it should happen. Our attitude is don’t panic but better prepared than not. Contact us if you need help and support.