0800 644 6080
Call FREE from Landline and Mobile
Est. 1989

Get Ready for a ‘No Deal’ Brexit, HMRC Urges UK Businesses

Written by: Keith Tully

Reviewed: Thursday 28th February, 2019

Get Ready for a No Deal Brexit, HMRC Urges UK BusinessesHMRC is urging companies across the country to prepare for a scenario in which the UK leaves the European Union without having agreed a deal on the terms of its exit.

Business groups have long been insisting that the government should do all it can to ensure that a No Deal Brexit scenario is avoided but the situation cannot yet be ruled out, with the UK currently on course to leave the EU on March 29th.

With that in mind, HMRC has said to British businesses that they need to take a series of steps to make sure that they can continue trading with the EU even if a No Deal Brexit scenario unfolds in the coming weeks.

Three specific steps are given by HMRC as being particularly important focus points for UK companies in advance of Brexit, with the first and most crucial being to register for an Economic Operator and Registration Identification (EORI) number.

The message from HMRC is that without an EORI number, businesses will not be able to trade with the EU in the event of a No Deal Brexit.

Worryingly, only 17 per cent of businesses who might need to register for an EORI are believed so far to have done so.

The next step recommended by HMRC, after an EORI number has been issued, is for companies to decide how they intend to make customs declarations after Brexit, with the appointment of a customs agent said to be the most popular option.

The third recommendation is for businesses that import goods from the EU into the UK using roll on, roll off locations, and they are advised to register for ‘Traditional Simplified Procedures’, meaning methods designed to streamline the importing process.

“We want businesses to be able continue trading with minimal disruption in any scenario but we also know that people tend to leave things until the last minute and we would urge against that,” said Mel Stride MP, financial secretary to the Treasury.

“We are specifically advising businesses to take some simple steps to be prepared - the first thing they need to do is register for an EORI number - it is free and takes less than 10 minutes.

“Step-by-step advice can be accessed via GOV.UK – the help is there, we just need business owners to take action.”

Keith Tully

Author
Keith Tully
Partner

Join Keith Tully on Linked In Join Keith Tully on Google Plus Follow Keith Tully on Twitter

Keith has been involved in Business Rescue since 1992, during which time he’s worked for both independent and national firms. His specialties include company restructuring matters and negotiating with HMRC on his clients behalf.

Meet our Team of Experts

Who we help

  • Company Directors
  • Finance Directors
  • Sole Traders
  • Accountants
  • Small Businesses
  • Large Businesses
  • Partnerships

Contact our team

Jonathan Munnery
Gillian Sayburn
Julie Palmer
Processing...
or Find your Nearest Office

Here at Real Business Rescue we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See PRIVACY POLICY

Business Rescue Advice for Directors

Free Guide for Limited Company Directors

Business Rescue Advice for Directors

  • How to manage company cash flow problems
  • Advice on dealing with HMRC
  • Understanding rescue and closure options
  • And much more...
Free Guide Download
Desling with your Insolvent Clients

Business Rescue Guide for Accountants

Dealing with your Insolvent Clients

  • Helping you advise insolvent clients
  • Spotting signs of client distress
  • Exploring business rescue options
  • And much more...
Free Guide Download

Our numbers speak for themselves

75
Number of UK Offices
30000
Directors Helped
70+
Licensed Insolvency Practitioners