No one blames you for being fed up of Brexit. But if you run a business, you simply can’t put your head in the sand-you need to be prepared. The following insights summarised from an article on Accounting Web could prove useful.
The advice comes from David Miller of The Customs People. David breaks down four variations of a UK government letter sent out to businesses in December 2018.
Each letter provides guidance for different types of businesses trading within the EU. Each letter advises 3 steps-registration of an economic operator registration and identification number, hiring a Customs agent, and a recommendation to contact suppliers.
EORI numbers are used for registering and tracking customs info within the European Union. After Britain leaves the EU, you will need to have this number in order to keep trading within the EU.
You can apply for an EORI number on the UK gov website and will most likely receive it within a week although there may be some additional waiting time closer to Brexit.
After Brexit, all UK businesses need to make custom declarations for moving goods within the EU. The main reason to hire an agent is the complex process involved in completing declarations. David Miller also strongly advises hiring a customs agent based on his experience observing a business trying to complete a customs declaration (Spoiler: They gave up!).
If your business deals with imports and exports, it is strongly advised that you contact your suppliers and find out what plans are in place post Brexit.
You can read the article in full here. In summary, it’s best to start planning now as we’re mere months away from a potential no deal Brexit. Putting the fear and hysteria to one side, proper preparation is the sensible thing to do and in the worst case scenario may help to shield your business from any negative impacts of exiting the European Union.