TT291: Prepare your business for leaving the EU without a deal
On the 1st March 2019, our TT289: Importing Goods to the UK in the event of a ‘No Deal Brexit’ was published. HMRC have now written to those businesses who it believes are VAT registered and currently trade in goods with the EU and/or the rest of the world, to inform them of what you need to do to prepare your businesses for the UK leaving the EU without a deal.
Our TT289 discussed the new Transitional Simplified Procedures (TSP), to make importing easier for the initial period should the UK leave the EU with ‘No Deal’ on 29th March 2019. Whilst we may find out in the next few weeks whether the UK leaves the EU with or without a deal, there is also the possibility of an extension being granted to the UK leaving the EU.
So, what do HMRC suggest you should do if the UK leaves the EU without a deal?
HMRC have provided advice on the following areas in their letter to what they consider to be the relevant businesses:
- Customs declarations on UK-EU trade
- Making importing from the EU easier
- Customs facilitations
- Moving goods using Common Transit Convention (CTC)
- Further controls for exports
- Changes to accounting for VAT
- VAT registration checks
- EU VAT refunds
Should you wish to read the letter in detail, please see the link below:
HMRC have pledged to provide further announcements on a regular basis going forward. Whilst we will continue to keep you updated as much as possible, you can also sign up to HMRC’s email update service at the link below:
As always, please do not hesitate to contact your partner at Barnes Roffe should you require any further guidance in this area.
Talk to Barnes Roffe today