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How to make your business BREXIT-Ready.

The government has stated that the UK will be leaving the EU on the 31st October regardless of whether a deal is agreed or not. Changes to how UK businesses trade with the EU will automatically come into effect, which could impact your business.

The changes to UK business processes are as follows:

  •  Like other “non-EU” countries, you will have to apply customs, excise and VAT processes to goods sold into the EU.
  • This also applies vice versa. EU countries will have to apply customs, excise and VAT processes to trade with you as a UK/Non-EU business.

What you need to do:
In order to import/export goods with the EU you need an EORI (Economic Operator Registration and Identification) number. These are provided by HMRC of whom have already written to 80,000 companies providing them with their EORI  number. If you do not have your number it means you are not VAT registered and need to apply for your EORI number from HMRC ASAP. Use the following link to do so:
Apply now

For further information on how you can make your business Brexit-Ready, please see the following link and respond to the questions: Preparation checklist

HMRC will continue to provide guidance and support for businesses. If you have any questions regarding the changes to your UK business following Brexit, we would like to encourage you to regularly check HMRC’s updated guidelines.

If you have any further questions, please feel free to speak to your client manager.

enquiries@advaloremgroup.uk

Tel: 01908219100

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Posted in: HMRC, Uncategorized