Brexit Update – HMRC Latest on Transitional Simplified Procedures for Goods
HMRC has written this week to the 145,000 VAT Registered UK Businesses that trade with the EU to explain the rules to follow in the event of a No Deal Brexit. Details of what are referred to as “Transitional” procedures can be found here»
These new processes to deal with imports from the EU are planned to last 1 year and would allow UK businesses to bring goods in from the EU without making a full Customs Declaration at the point of entry – hence removing the risk of processing delays. They will also postpone the payment of import duties until the month after import which should assist on the cashflow front.
What is IMPORTANT is that UK Businesses need to ensure they have an Economic Operator Registration and Identification (EORI) number in place – which doesn’t take long to arrange and you can do online through the HMRC website.
Centurion supports businesses when VAT gets complicated. Not sure if you regard Brexit as complicated but if VAT issues do arise within your supply chain or across your customer network - then we are here to help.