October 9, 2018
HMRC has sent out a letter offering “advice and guidance” regarding Brexit, what it will mean for UK businesses, and how they can prepare.
As the letter explains, the UK will be leaving the EU at 11pm on 29 March 2019.
The UK has reached an agreement with the EU “on the vast majority of withdrawal issues”, says HMRC, among them the terms of the implementation period, which means that “trading with the EU during the implementation period will broadly stay the same from the end of March 2019 until 31 December 2020.”
However, the government “continues to prepare for all scenarios”, among them the “unlikely outcome” that there will be no deal reached when the UK departs the EU. If this happens, the government says it is committed to prioritising stability for businesses and will work closely with industry to ensure that interventions “are conducted in a way which minimises delays and additional burdens for legitimate trade, while robustly ensuring compliance.”
The letter goes on to explain what Brexit will mean for UK businesses, including the advice that “if your business currently trades only with the EU then you’ll have to start completing customs declarations from March 2019 and customs checks will apply to your business for the first time.”
As for what businesses should do to get ready, HMRC advises using the next few months to gather as much information as possible about the upcoming changes, using www.gov.uk and registering for HMRC’s EU Exit update service.
The government concludes by saying it is “committed to supporting you and your business through this period of change and making sure trade continues as easily as possible after we leave the EU.”
Categories : World Focus