Call +44 (0)1163267786 - Email office@m-cubed.org

HMRC advice - prepare for no deal

HMRC is urging business owners to make sure they are ready for a potential no deal Brexit.

HMRC is urging business owners to make sure they are ready for a potential no deal Brexit.

Business owners are being urged to prepare now and take steps to ensure their businesses can continue to trade with the EU if the UK leaves the EU without a deal.

HMRC advise:

  • Businesses should register for an Economic Operator and Registration Identification (EORI) number. UK businesses that have only ever traded inside the EU will not have an EORI number. HMRC are advising that in the event of a no deal exit, businesses will be unable to continue trading with the EU without an EORI number. HMRC figures show that only 17% of potentially affected businesses have registered so far.

  • Businesses also need to decide how they intend to make the required customs declarations. HMRC advise that most businesses with customs obligations choose to use a customs agent to do this for them.

  • Businesses that import goods into the UK from the EU using roll on, roll off locations, may also wish to register for new Transitional Simplified Procedures (TSP). HMRC advise that 'TSP will allow businesses to import without having to make a full customs declaration at the border, and postpone paying any import duties. For imports using other locations, and for exports, standard customs declarations will apply.'

Financial Secretary to the Treasury Mel Stride MP said:

'We want businesses to be able to continue trading with minimal disruption in any scenario but we also know that people tend to leave things until the last minute and we would urge against that.'

Contact us for help in this area.

Internet link: HMRC news

Copyright

© 2022 M Cubed Chartered Accountants. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
+44 (0)1163267786

Address
M Cubed Chartered Accountants, 9 De Montfort Street, Leicester, Leicestershire LE1 7GE
Quick links

Home | Contact us | Site map | Accessibility | Disclaimer | Help |

Registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. M Cubed is a trading name of M Cubed Limited. A full list of the firms directors is open for inspection at 9 De Montfort Street, Leicester, LE1 7GE the principal place of business and registered office.
Registered in England & Wales: 02818027

powered by totalSOLUTION