If your business is trading with the EU you need to make sure you’re ready in the event that the UK leaves the EU without a deal. There are important actions you can take now to ensure you make this process as painless as possible.
Register for an EORI number
By registering for an UK Economic Operator Registration and Identification (EORI) number you will be able to continue to import and/or export with the EU after 29 March 2019 in the event of a no deal. Register for your EORI number at www.gov.uk/hmrc/get-eori. You can check if your Company has already registered for an EORI number by using the validation checker first.
Decide if you want to appoint an Agent to make your import and/or export declarations, or if you want to make the declarations yourself. If you decide to do them in-house you will need to purchase the specialist software which links to HMRC’s customs systems. If you’re exporting, you will need to register for the National Export System at www.gov.uk/guidance/export-declarations-and-the-national-export-system-export-procedures.
Making importing easier
HMRC is introducing new Transitional Simplified Procedures (TSP) for customs to make importing easier for the initial period after the UK leaves the EU, should there be a no deal. Once you have registered for TSP you will be able to transport your goods into the UK without having to make a full customs declaration at the border. Sign up for TSP online at www.gov.uk/hmrc/eu-simple-importing. You will need your EORI number to do this.
Changes to VAT
The way you account for VAT on imports will change. You will be able to pay import VAT on your next VAT return rather than when your goods arrive at the UK border. You will need to provide your VAT registration number on your customs declaration.
You can use this Tool https://www.gov.uk/business-uk-leaving-eu to find out further guidance relevant to your business sector. Just answer a series of straightforward questions to narrow down publications which will be of interest to you and your industry.
You will be responsible for making customs declarations for your UK-EU trade in a no deal scenario. Many businesses find the simplest way to make these declarations is to appoint an Agent to manage the process for them. If you wish to discuss this with us and how you think a no deal Brexit may affect your EU trade, please contact a member of the Blow Abbott team.