On 5th February 2019, HMRC published their latest letter aimed at UK businesses that trade only with the EU. This letter provides 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 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.
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 at Letters on 'no deal' Brexit advice for businesses only trading with the EU.
Please not that these changes do not apply to trade across the Northern Ireland-Ireland land border. HMRC plans to set out information about the arrangements for trading with Ireland as soon as they can.
New HMRC guides
HMRC have also published new guides on:
The guides provide further information explaining what these changes mean for UK businesses that trade with the EU. You can find the guides at Trading with the EU if the UK leaves without a deal.
‘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 you need to do to prepare for the UK leaving the EU
- What is changing in your industry
- Information on specific rules and regulations.
All businesses need to do is answer 7 simple 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.
DISCLAIMER: This information is for guidance only, and professional advice should be obtained before acting on any information contained herein. We will not accept any responsibility for loss to any person as a result of action taken or refrained from in consequence of the contents of this publication.
