HMRC is urging businesses to take these three steps now to ensure that they can continue to trade smoothly with the EU in the event of a No-Deal Brexit. Anna Tobin reports
The HMRC Brexit checklist highlights the three actions that businesses should take immediately to continue to trade efficiently with the EU in the event of a No-Deal Brexit:
- Register for an EORI number
Businesses that only trade within the EU currently don’t need an Economic Operator and Registration Identification (EORI) number, but if the UK leaves the EU without a deal it will be a requirement for UK businesses to have an EORI number to continue trading with the EU. HMRC figures show that so far only 17% of these businesses have registered. Apply for one here
- Consider appointing a customs agent
Following a No-Deal Brexit, UK businesses that trade with the EU will have to make customs declarations. HMRC says most businesses involved in non-EU-trade use a customs agent to carry out this work for them. Once you have your EORI number, look into what customs declarations involve and whether it would be best to appoint the services of a customs agent.
- Register for new Transitional Simplified Procedures (TSP)
Businesses that import goods into the UK from the EU using roll on, roll off locations, should consider registering for new Transitional Simplified Procedures (TSP). 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. Register for TSP here