Are you ready for Brexit?
With Brexit negotiations still ongoing, it is still looking increasingly likely that the UK will exit the EU without a deal. That means there are some crucial steps that businesses will have to take in order to be ready. Please see below some simple steps that will help to prepare your business for a no-deal Brexit outcome:
- Apply for an EORI
If you haven’t done so already, ensure you have applied for an Economic Operator Registration and Identification (EORI). This will allow businesses to keep trading with customers and suppliers in the EU. It takes less than 10 minutes, simply apply using the following link: gov.uk/eori.
- EU Nationals already working in the UK
Individuals who have not yet applied to the EU Settlement Scheme by 31st October 2019 will still have the same entitlements to work, benefits and services. EU citizens and their family members living in the UK have until 31st December 2020 to apply to the EU Settlement Scheme, even in the event of a no-deal exit. The EU Settlement Scheme is now open and application guidance can be found on gov.uk/settled-status-eu-citizens-families.
- Check your paperwork, including contract terms & payments
In order to continue trading, ensure you check that you have the licences/ permits/ approvals you need in all the other EU states. There are a number of changes that may need to be made such as product labelling, local VAT registrations needed or the setup of new tariff payments.
Following Brexit, there will be new restrictions on transferring data across borders, this may mean new policies are required to prevent breaches of data rules in EU countries. For further guidance on the above, please refer to HMRC’s ‘Get ready for Brexit’ information service.
- Customs Guidance
Check that your systems are set up to handle the new VAT requirements and customs arrangements. HMRC’s Transitional Simplified Procedures (TSP) for customs will make importing easier for an initial period of one year. This is to allow businesses time to prepare for usual import processes should we leave the EU without a deal. Find out more here: https://www.gov.uk/guidance/transitional-simplified-procedures.
Specifically, French customs authorities have published guidance for UK businesses in the event of a no deal EU Exit. Clients who export and import need to make sure they are aware of the implications of a potential no deal Brexit.
Finally, we have included the below useful links that we highly recommend visiting:
If you would like assistance with Brexit planning in relation to your accounting needs, then please do not hesitate to contact our team.