Top tips to ensure your business is prepared for Brexit
The UK is currently scheduled to leave the European Union (EU) on 31 October 2019. However, it is still unclear whether that will be with or without a deal.
There are many administrative changes to be aware of after the UK leaves the EU, which is why we’ve put together our top tips to ensure that your business is prepared for Brexit.
Are you prepared for customs checks?
In the event of a no-deal scenario, exports and imports between the UK and EU will be required to pass through customs checks and declarations. UK firms must ensure that they have an Economic Operator Registration and Identification (EORI) number that begins with GB, as this will be required to complete documentation for imports and exports.
Will you need assistance in accessing new markets?
The Government is working on new trade agreements with countries outside of the EU and European Economic Area (EEA), which could result in more favourable trade conditions for UK firms, which may represent new opportunities.
Should these opportunities arise, is your business prepared to access the new market, or will you need some form of assistance?
How will VAT changes affect your business?
The VAT Mini One Stop Shop (VAT MOSS) is a way of paying VAT on digital service supplies if either of the following applies:
Your business is based outside of the EU and you make supplies to EU consumers
You are a UK business that makes supplies to consumers in other EU countries
The system allows businesses that sell digital services to consumers in the EU to report and pay VAT in a single return, while UK firms can continue to use the system after Brexit by registering in an EU member state. They will, however, not be able to do this post-Brexit.
Will customs duties affect you?
Tariffs, or customs duties, are a tax levied on imports. There are no customs duties within the EU customs union, but if the UK leaves the EU without a deal, then tariffs will be applicable to trade between the UK and EU.
Tariffs will depend on the trade agreements negotiated by the Government, which may differ in each country or be on World Trade Organisation (WTO) rules.
For advice relating to Brexit and ensuring that your business is prepared, contact our expert team today.