New guidance has been released by HMRC on potential post-Brexit trading with EU countries.
If the UK leaves the European Union at 11pm on 29th March 2019 as planned, it will affect how the UK does business with its current EU Partners.
In their previous article Stockport based Hallidays highlighted the need for an EORI number and recommended that businesses consider hiring an agent to handle their imports to ensure a smooth transition.
HMRC have now released some further guidance for businesses that trade with the EU.
Making Importing Easier
HMRC are introducing new Transitional Simplified Procedures (TSP) for customs, to make importing easier for the initial period after the UK leaves the EU, should there be no deal.
Once registered you will be able to transport your goods into the UK without having to make a full customs declaration at the border, and you will be able to postpone paying your import duties.
However, for controlled goods you will have to provide some information before import.
You can now sign up for the TSP online You will need an EORI number to do this, so it is important to have applied for one before making a TSP application.
Further guidance can be found at HMRC
Whilst we are unsure whether the UK will leave the EU with or without a deal, with just over a month until Brexit day it is essential that businesses plan ahead to help ensure a smooth transition so that trade will not be too adversely affected following the UK leaving the EU.
Thank you to Hallidays for contributing this article to Marketing Stockport