With the 31 October deadline fast approaching when it is intended that the UK will leave the European Union, we have been searching for any Brexit guidance that might help our clients.

Our research has revealed that the Government has placed a considerable amount of information about how businesses can prepare for the UK leaving the EU on the GOV.UK website. There is particular emphasis on what businesses may need to do in the event of a no deal.

Diagnostic Tool

Whilst we can’t comment on the merits of the information, it may interest you to know that within the site there is a diagnostic tool that purports to help businesses prepare for Brexit by:

1.    Outlining guidance on what businesses need to do
2.    Highlighting what’s changed in your industry
3.    Providing information on specific regulations and guidelines.

Once you have completed the questions – it takes around 2 minutes – the system will return what it considers to be relevant documents that may affect your business. These range from what will happen to accounting and audit if there’s no Brexit deal to the implication for the wider professional and business services sector.

Do you need an Economic Operation Registration Identification (EORI) number?

In the event of a no-deal Brexit, all businesses that move goods between the EU and the UK will need an Economic Operation Registration Identification number issued by the UK in order to clear those goods through customs.

HMRC is automatically allocating EORI numbers to VAT registered traders which it knows have traded with the EU in the past and don’t already have one. However if this applies to you and you’re not VAT registered, you will need to apply for an EORI number as soon as possible.

Uncertainty remains

While there is still uncertainty around what Brexit actually means and even if it will happen at all, we can only recommend that any clients that sell to and buy from the EU need to have flexible contingency plans in place  to cope with a variety of possible outcomes.

If you have any specific concerns, please speak to your usual Lambert Chapman contact.

The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.

Lambert Chapman Chartered Accountants

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