What action should UK businesses be taking in the event of the UK leaving the EU without a deal?

With no deal currently agreed and time running out the possibility of the UK leaving the EU with no deal agreed is becoming more of a reality. However you feel about the situation businesses should be prepared and informed to ensure trade can continue in these very uncertain times.

H M Revenue & Customs have today issued an updated letter to business trading with the EU and details can be found here. The letter asks businesses to take a number of actions to prepare for no deal. These include:

  • registering for a EORI number at Get a UK EORI number to trade within the EU
  • deciding if they want to hire an agent to make import and/or export declarations for them or if they want to make declarations themselves using relevant software
  • registering for Transitional Simplified Procedures (TSP), which is a new process to make importing easier than it otherwise would be for the initial period after the UK leaves the EU, should there be no deal – registration opens from 7 February on GOV.UK.

There are also important updates on the way businesses trading with the EU pay import VAT and use EU VAT IT systems if we leave with no deal. You can read the full letter at Letters on ‘no deal’ Brexit advice for businesses only trading with the EU.There is also a useful tool on the gov.uk website to inform businesses on what they should do to prepare for the UK leaving the EU and this can be found here.

Whatever happens the only thing we can be certain of at the moment is further uncertainty so be informed and contact us if you have any specific questions, we will be happy to help.