TT286: Brexit Warnings

January 07, 2019

Now that the New Year is here the close proximity of the Brexit date of 29 March 2019 (at 11pm on that day if you want to be accurate) is creating some nervousness amongst our client base. The increasing possibility of a no-deal Brexit will have consequences which need some planning for:

1. Get an EORI number

If you trade goods with the EU then you will need an Economic Operator Registration and Identification (“EORI”) number. You might already have this if you trade goods with the rest of the world. However, it is likely that some businesses will be caught out and not have the required reference to ship goods to and from the EU. This can be applied for online and should only take a few days, but should not be left until the last minute.

2. Import/Export support

It is important that your shipping agent can handle the change in rules. Start to speak to them today to understand what might happen. Specifically, you need to understand what duties might apply on your goods and how they will be paid. If you sell to the EU, how can you ensure your customers do not have their goods stuck in transit with duty needing to be paid and which party (you or your customer) must pay this duty.

3. Understand your costs

Will you have duties to pay on imported goods which need building into your margins?

The following links might be of assistance. Please do read them as they deal with some industry specific impact analysis for trade.

https://www.gov.uk/government/collections/how-to-prepare-if-the-uk-leaves-the-eu-with-no-deal
https://www.gov.uk/government/publications/trading-with-the-eu-if-theres-no-brexit-deal/trading-with-the-eu-if-theres-no-brexit-deal
https://www.gov.uk/government/publications/vat-for-businesses-if-theres-no-brexit-deal/vat-for-businesses-if-theres-no-brexit-deal

As ever, please contact your Barnes Roffe partner or manager for any assistance you might require.

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