top of page

Our Brexit Update - March 7th

With only four days to go until the UK Parliament votes on the withdrawal bill, there is no sign from Brussels of any breakthrough on the backstop.  Brexit is now just 21 days away and the UK and Irish tax authorities are continuing their campaigns to get traders ready for a no-deal. The Institute has created a hub for members to read all published guidance from the UK, Irish and EU authorities to help prepare for the possibility of a no-deal Brexit.  

HMRC and Revenue continue efforts to get traders to prepare for a no-deal Brexit

HMRC has informed us that they have written again to 135,000 UK traders that currently trade outside of the EU outlining changes to customs procedures and VAT for UK-EU trade that will happen in the event of a no deal. The letter says that even though UK customs processes for trade with the rest of the world will not change, traders may need to adapt their systems and processes.  

HMRC has also written three times to the 145,000 VAT registered UK traders that currently only trade with the EU setting out actions they should take to prepare. The letters also outline the support that is available on to help them prepare.

Readers are reminded of the EU Exit Partnership Pack that includes step by step guidance on key actions that need to be taken by UK importers and exporters to prepare for a no-deal Brexit.  

GOV.UK includes a dedicated ‘Prepare your business for the UK leaving the EU’ tool that ask businesses seven questions about the nature of the trade they carry out before presenting the relevant guidance to inform their preparations.

In Ireland, Revenue has the following advice for businesses that trade with the UK:

Apply for your customs (EORI) registration or get your agent to apply on your behalf. Ensure you, or an agent on your behalf, have the facility to make a customs declaration. Know the Commodity Code of your goods or products you will import or export.

No deal guidance

The Institute has created a dedicated hub on its Brexit webpage which collates guidance and information leaflets produced by the UK and Irish governments and the EU to help businesses and people prepare in the event of a no-deal Brexit.  The page will be updated as information is released by the authorities.  

You can also read the practical customs guide prepared by the Institute and ICAEW using this link.  

9 views0 comments


bottom of page