Latest News in the Accounting World

Preparing for the UK to leave the EU

Victoria Elvy :: Thursday 5th September 2019 :: Latest Blog Posts

We want to make sure you have up to date information so that you are aware of how the UK leaving the EU may impact your business.

Leaving the EU without a deal means there will be immediate changes to the way UK businesses trade with the EU:

• UK businesses will have to apply customs, excise and VAT processes to goods sold into the EU (these are the same rules that already apply for goods and services traded outside of the EU).
• Trading partners in the EU will have to apply customs, excise and VAT processes to trade they carry out with you, in the same way that they do for goods and services traded from outside of the EU.

Please have a look at HMRC's helpful guidance on preparing for changes at the UK border if there is a no deal EU exit: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/793339/Prepare_changes_UK_border_no_deal_EU_Exit_-_Guidance_leaflet_-_businesses.pdf

HMRC is helping businesses get ready for Brexit by automatically issuing them with a UK EORI (Economic Operator Registration and Identification) number.  Businesses will not be able to move goods in and out of the UK without this.  They have written to more than 88,000 VAT registered companies to let them know the UK EORI number they've been assigned (https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/826682/HMRC_letter_to_traders_-_EORI_auto-enrolment_-_GB.pdf). 

If your business is not VAT-registered, you will still need to apply now for a UK EORI.  HMRC cannot give you this automatically.

You can check the next steps you need to take to ensure that your business is ready for Brexit using HMRC's trader checklist.

If you have any questions, please get in touch.