Bevis Wright Accountant

No-Deal Brexit Update

With the 31st October less than 5 weeks away, the UK Government has drastically increased the volume of No-Deal preparation documentation in order for businesses to be ready for this eventuality.

The following is a consolidation of some of the key documents and reference points as well as some further notes on Travel, Imports and VAT.

The first place to start is at the Government Brexit homepage 

Visit Website 

If you haven’t visited this page, this is a central resource point containing all the documents relevant to leaving the EU without a deal

The simple trader checklist

Download Checklist 

This is an excellent brief checklist containing the main points and actions to get prepared.  Each point also links to the relevant section of the Government website, with an explanation as to what the procedure is and how this can be followed/ implemented.

Register for a HMRC Brexit webinar 

Register Here 

These webinars have been set up specifically to go through some of the key points listed in the checklist above, including EORI numbers, Transitional Simplified Procedures & Duty Deferment.

Use the Government helplines for greater clarification
0300 3301 331 for Brexit imports and exports assistance or 0300 456 3565 for the Business support helpline (England only)

Further comments on key areas that will affect businesses are as follows:

Travel
  • EU countries will require passports have an expiry date of at least six months after the date of entry
  • European Health Insurance Cards may not be valid after Brexit, hence appropriate health insurance will need to be considered
  • Visas will be required for long stays and for work or study visits
  • International Driving Permits will be required to drive in most countries in the EU - https://www.postoffice.co.uk/identity/international-driving-permit
  • if a UK car is taken to the EU, a green card for insurance and a GB sticker on the back will be required
  • Mobile phone companies may introduce charges on data roaming
  • Businesses shipping goods to the EU should confirm with their haulage providers that they meet the post-Brexit requirements and hold the relevant Professional Competence qualifications.
Imports and exports
VAT & Duty
  • Duty and VAT may be payable on imported goods, it would be advisable to set up a duty deferment account to assist cashflow in paying for these, however 82% of exports from the EU will continue to be tariff free.
  • It will be necessary to complete customs declarations, rather than declaring the sale and purchase of goods on EC sales lists. If you are planning to do this yourself (rather than use a freight forwarder or broker), you will need to purchase software that can submit declarations via HMRC’s National Export System (NES) and register for the relevant declaration service (CHIEF/ CDS) - https://www.gov.uk/guidance/customs-declarations-for-goods-brought-into-the-eu
  • Grants are available for businesses wanting to handle customs declarations themselves - https://www.gov.uk/guidance/grants-for-businesses-that-complete-customs-declarations
  • Businesses importing goods to the UK will be able to account for import VAT on their VAT return, rather than paying import VAT on or soon after the time that the goods arrive at the UK border – for imports from the EU and non-EU countries
  • Current relief for low value imports sent as a parcel will no longer apply, VAT will be due on all parcels entering the UK
Further useful links
If you have any questions regarding preparations for Brexit please get in touch with us on 024 7667 3160 or email info@oldfieldadvisory.com.