The UK tax body has written to UK businesses that trade only with the EU, with details of the actions they need to take in the event of the UK leaving the EU without a deal.
The HMRC letter asks businesses to take a number of actions to prepare for a no-deal Brexit. These include:
- Registering for a 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, a new process to make importing easier than it otherwise would be for the initial period after the UK leaves the EU.
It’s part of a raft of guidance from the government on what businesses need to do in the event of a no-deal Brexit. There are also updates on the way businesses trading with the EU pay import VAT and use EU VAT IT systems.