Getting ready For Brexit- HMRC VAT implications

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HMRC are helping businesses get ready for Brexit. The government have said the UK will be leaving the EU on 31 October come what may. 

Should the UK leave without making a deal there will be immediate changes to the way UK businesses trade with the EU, that may have an impact to your business.

 

•    UK businesses will have to apply customs, excise and VAT processes to goods sold into the EU (these are the same rules that already apply for goods and services traded outside of the EU).
•    Trading partners in the EU will have to apply customs, excise and VAT processes to trade they carry out with you, in the same way that they do for goods and services traded from outside of the EU.

 

HMRC will be automatically issuing all businesses with a UK EORI (Economic Operator Registration and Identification) number. They have already issued these numbers to thousands of VAT registered companies! It is important to be aware that businesses will NOT be able to move goods in and out of the UK without one. 

Please note, if your business is not VAT-registered, you will need to apply for a UK EORI. HMRC are unable to give this to you automatically. 

You can apply by using the following link:

www.gov.uk/eori 

Please also find below a link to a HMRC guidance page of which you may find useful to ensuring that your business is Brexit ready! 

HMRC Guidance page:

www.gov.uk/brexit 

We will be sure to keep you updated with any latest guidance and support from HMRC to help prepare your business for 31st October. 

SRC-Time Ltd
2nd Floor
Stanford Gate
South Road
Brighton
BN1 6SB

T: +44 (0) 1273 326 556
F: +44 (0) 1273 733 827
E: info@src-time.co.uk

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