After the chaos of 2020, the last thing your business needs is additional operational delay and loss of revenue. The clock is ticking. Don’t let Brexit take you down.
Last month, the Department for Business, Energy & Industrial Strategy issued an urgent letter compelling British businesses to “Act now to avoid your business operations being interrupted when the transition period ends”. The impending departure has seen a range of consultative businesses create services offering expert business advice to Swindon, North Wiltshire and East Cotswolds based businesses, as well as a number of advice hubs now focused on post-Brexit trading.
While the Brexit process has been chaotic, the good news is your preparation is logical and straightforward. The following highlights some of the key considerations.
Customs Preparation
From 1 January 2021 if your business trades with the EU you must accurately complete customs declaration forms, or your goods will be delayed and you will be liable for charges. Post Brexit, the National Audit Office (NAO) expects customs declarations’ volume to explode from its current quota of 55 million to 255 million.
There are a number of services designed to streamline the export and import of goods to the EU from all ports in the UK. They expedite necessary evils such as HRMC payments, and remove uncertainty and delay. Whilst services vary, many charge businesses the same nominal fee for the HRMC declaration, as well as a set processing charge for port fees.
All you have to do is select an appropriate service and, in the majority of cases, complete an online form and the service will walk you through the rest, including training businesses interested in managing this process for themselves.
Register for VAT
The handling of VAT differs between all 19 EU member states. It’s a complex system and part of the EU’s bureaucratic charm. Here are two Brexit VAT preparedness warm-up questions. Have you appointed your Fiscal Representative(s) yet? Digital companies: have you registered for non-EU MOSS status yet?
If your head felt like it was going to explode answering just those two questions, expert help is available. Register for VAT and join Trading Through Brexit. It will make all the difference to your business and your ability to think clearly in 2021.
Get your EORI Number
If you already have an EORI number, keep reading because your post Brexit EORI number must have the prefix GB. From 1 January 2021, all British businesses trading with the EU require an Economic Operations Registration and Identification number, commonly referred to as an EORI number. If you don’t have an EORI number your goods will be delayed portside, and you will be charged storage fees by HRMC. Simply fill in the form and get your EORI number.
To help your Swindon, North Wiltshire and East Cotswolds based business navigate administrative overload, particularly after such an exhausting year, here are three crucial facts. First: human beings loathe change, especially change involving paperwork. Second: you survived 2020, you can do anything. Third: give yourself an early Christmas present and make sure you fully exploit the available online help and resources.
