Are you ready for Brexit?
Following the December 2019 UK election results, the leaders of the UK and European Union have signed the Withdrawal Agreement. We are now in the transition period. This means the UK is covered by EU rules until the end of the 2020 and the transition period will be used to negotiate future agreements with the EU and the rest of the world.
Below are some simple steps that will help you prepare for not only the transition period, but the long-term future:
- Apply for an EORI
If you haven’t done so already, ensure you apply 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
EU citizens and their family members living in the UK have until 31st December 2020 to apply to continue living in the UK after 30 June 2021 under the EU Settlement Scheme. 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.
At a glance, some 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.