Following the UK officially leaving the EU on the 31st January, the UK is in a transition period until the end of 2020, where the government will aim to secure a trade deal before the deadline. During this period, essentially nothing will change, but it provides business owners with much-needed time to prepare their businesses for Brexit. The below discusses areas that will be affected by Brexit, and what business owners can do to prepare.
It’s unclear at the moment to what extent rules will change for importing and exporting in the EU, as this is one of the key negotiation points between the UK and EU during the transition period. Regardless of what is decided, rules for importing and exporting to the EU will change after the transition period. Therefore, you will need to make sure that you have all the licences, permits and approvals required, understand the implications of changes at UK borders, and check how much you will need to pay in VAT and rates. It’s important to make sure you review these for the purposes of your own business, but generally to prepare for changes you should:
Make Sure you have a UK EORI Number
This is a 12-digit number that you will need to move goods in or out of the UK. You might also need an EU EORI number if you are responsible for landing the goods in the EU country of destination and making the customs declaration.
Consider Adjusting your Contract Terms
Post-Brexit, trade could incur additional costs. You might decide to absorb these costs, or you might decide to change customer contracts – if this is the case, make sure you communicate this to your customers before any changes.READ MORE >>