In the event of ‘no deal’ HMRC warns businesses to prepare
Article posted: 6th February 2019
The latest guidance to businesses in the event of the UK leaving the EU with ‘no deal’, includes updates on customs procedures, import & export registration information as well as VAT rules.
HMRC’s latest letter to business, advises taking a number of actions to prepare for no deal. These include:
- registering for an Economic Operator Registration and Identification (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.
These changes do not apply to trade across the Northern Ireland-Ireland land border. HMRC will set out information about the arrangements for trading with Ireland as soon as they know more.
Businesses can access 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 at Trading with the EU if the UK leaves without a deal.
Please get in touch with McBrides if you want to discuss the above further. You can also keep up to date with the latest news affecting business via our website, Twitter and LinkedIn.
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