Is your business ready for a ‘no deal’ Brexit?

The likelihood of a ‘no deal’ Brexit still remains a distinct reality, but how can a business prepare for such a scenario?

If the Government cannot secure an effective withdrawal agreement and trade deal then this will have an inevitable effect on all British businesses, especially those with close connections or trading partners in the EU.

In order to ensure that your business is prepared for whatever scenario may emerge on 29 March 2019, you should consider taking the following steps:

  1. register for a UK Economic Operator Registration and Identification (EORI) number
  2. decide whether they will use a customs agent to make import and/or export declarations or make the declarations themselves using specialist software
  3. speak with organisations in their supply chain, such as hauliers, to find out if they will need to supply additional information to complete safety and security declarations, or whether they will need to submit these declarations themselves.

Businesses that trade in the EU and are registered with HMRC for VAT could benefit significantly from taking these steps, but all companies consider how they could be affected by a ‘no deal’ scenario.

If you are concerned about the potential fallout from a ‘no deal’ Brexit or would like assistance with your preparations for the UK’s departure from the EU, please contact us.