The Government of UK is proposing to leave the EU on the 31st October 2019. If you trade any goods or services with the EU, you’ll need to get ready for Brexit. HMRC is working closely with Businesses and have published material on its website covering all aspects on how to get Ready. In particular one tool that is very helpful that can strip down the information that will be only related to your business by answering 7 simple questions. Linke below;
https://www.gov.uk/business-uk-leaving-eu
Regardless of the industry or trade below are important steps the prepare;
- Get a UK EORI number (this starts with GB) so you can continue to import or export goods and apply for authorisations that will make customs processes easier for you.
- Decide if you want to hire an import-export agent or make the declarations yourself.
- Contact the organisation that moves your goods (for example, a haulage firm) to find out what information they need to make the declarations for your goods, or if you will need to make them yourself.
- Regulations and standards relevant to your industry will impact your clients/suppliers working with different standards to UK. UK and EU have uniformed standards and it unlikely to change immediately. However, it’s important to clarify with your suppliers and Customers outside the UK that might impact your day to day business.
- If your employing EU, EEA and Swiss Citizens you will need to ensure they now have right to work. Government websites have detailed guidance on same.
- Trade associations linked to your organisation may not cover or be part of the EU trade association following Brexit (in case of a no deal) therefore you might need to register and be a member of the trade associations linked to your employees/clients/suppliers.
- Your insurance protections can change/omit areas previous covered as a result of Brexit.
Our team of Experienced Accountants are helping our clients each step of the way in preparing for Brexit. Being available to assist them with day to day questions and clarifications help them react fact and adapt to the changing environment. Give us a ring today if you are having trouble getting hold of your accountant or need to wait days just for a reply!
Written by Quraish Adamally