Brexit update from HMRC
The United Kingdom’s HM Revenue & Customs (HMRC) has published their latest letter advising UK businesses that only trade with the EU on actions to take in the event of a no-deal EU exit. This letter presents the new topic of registering for Transitional Simplified Procedures (TSP), a process intended to make importing easier for the initial period after the UK leaves the EU if there is no deal. Registration for TSP opens on 7 February 2019. This letter of advice also reiterates the importance of 1) businesses that only trade with the EU registering for a EORI number and 2) businesses deciding if they want to hire an agent or make import/export declarations themselves using relevant software. Additionally, this letter includes updates on import VAT and EU VAT IT. You can find all the letters on 'no deal' Brexit advice published by HMRC to UK businesses that only trade with the EU here.
HMRC has also published new guides on:
under “Trading with the EU if the UK leaves without a deal.”
In addition, HMRC has published a “Prepare your business for the UK leaving the EU” tool to help businesses access relevant sector-specific information.