Brexit – It’s now time for businesses to act
The 31st October 2019 is fast approaching and there remains a real possibility that the UK will leave the EU without a deal, if the government has its way.
In preparation of the UK leaving the EU, businesses should now take immediate action to manage the associated impacts of leaving the EU, whether in a deal or no deal scenario.
Businesses that trade with the EU are likely to be significantly impacted by the withdrawal from the EU, and the current trading arrangements based on free trade and the absence of customs barriers may no longer exist.
Some key considerations of a “No Deal” Brexit are set out below, particularly if there is no transitional period.
Register for an Economic Operator Registration and Identification (“EORI”) Number
In the event of a no-deal Brexit, UK businesses who trade, or plan on trading with businesses in the EU will be required to obtain an Economic Operator Registration and Identification (“EORI”) number. We understand that HMRC have started to issue these numbers where appropriate.
Prepare to make Customs Declarations
UK businesses may need to make customs declarations for goods moving between the EU and the UK in the event of a no deal.
Changes to VAT & Customs Duty
When the UK leaves the EU, the UK may cease being part of the EU-wide VAT system. You may be required to pay VAT, excise or customs duty when importing goods from the EU.
For more information please refer to the following website which is updated regularly or speak to us on 0113 2574506 where we will endeavour to assist you:
- customs declarations and procedures
- duties and tariffs
- importing and exporting different goods
- transporting goods to and from the EU
- product safety regulations.
To get more information about importing and exporting goods after Brexit, you can also call the HMRC helpline to find out about:
HMRC Brexit Import & Export Helpline: 0300 3301 331