Time to prepare for a no deal?

Time to prepare for a no deal?

HMRC have launched a letter to businesses, which provides the latest guidance about the UK leaving the EU. New guides and tools are also available to help businesses to prepare.

They have published their latest letter to UK businesses that trade only with the EU, with details of important actions they need to take and changes to be aware of in the event of the UK leaving the EU without a deal.

The letter asks businesses to take a number of actions to prepare for no deal. These include:

  • Registering for a EORI number: 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

There are also important updates on the way businesses trading with the EU pay import VAT and use EU VAT IT systems if we leave with no deal. You can read the full letter here: Letters on ‘no deal’ Brexit advice for businesses only trading with the EU

These changes do not apply to trade across the Northern Ireland-Ireland land border. We will set out information about the arrangements for trading with Ireland as soon as we can.

New guidance

HMRC have also published new guides on gov.uk on:

The guides provide further information explaining what these changes mean for UK businesses that trade with the EU. You can find the guides here: Trading with the EU if the UK leaves without a deal.

New ‘Prepare your business for the UK leaving the EU’ tool

They have also published a ‘Prepare your business for the UK leaving the EU’ tool to help UK businesses find out:

  • What they need to do to prepare for the UK leaving the EU
  • What’s changing in their industry
  • Information on specific rules and regulations

All businesses simply need to answer 7 questions to get guidance relevant to them and their sector. You can access the tool at: Prepare your business for the UK leaving the EU.

Whilst we can’t predict exactly what’s going to happen, it’s time we all start to plan for different scenarios and make sure our businesses are as ready as they can be for a ‘no deal’.

Contact us

For further advice, please contact us on 0191 285 0321 or email advice@taitwalker.co.uk

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