After getting an EORI number, businesses need to take the second step and consider how they want to make customs declarations. This usually means using a customs agent.
For businesses that import goods into the UK from the EU using roll on roll off locations, they can take a third step and register for new Transitional Simplified Procedures (TSP). This will enable businesses to import without having to make a full customs declaration at the border, and postpone paying any import duties. For imports using other locations, and for exports, standard customs declarations will apply.
Financial Secretary to the Treasury Mel Stride MP says: “We want businesses to be able continue trading with minimal disruption in any scenario but we also know that people tend to leave things until the last minute and we would urge against that.”
In order to survive and thrive in this challenging environment, UK SMEs should review their business strategies and put in place plans to enable them to adapt quickly to the changing economic and operating conditions.
Business owners and managers must be aware of income and expenditure by keeping proper records and monitoring trends and patterns. Profit and loss accounts will help you understand how your business is progressing, as well as alert you to any potential issues which might arise, giving you ample warning to rectify the problems or make the necessary adjustments to keep your business on track and successful.
At Beavis Morgan, our specialists to SMEs are available to provide general business advice and to structure your business for tax. We can also assist with business plans and strategy execution, long and short-term forecasts, budgets, sensitivity analyses, and calculating and checking compliance with covenants.
Contact Steve Govey or your usual Beavis Morgan Partner for further information about how we can assist you and your business.
Further reading:
5 Key factors to successful strategic planning and execution ahead of Brexit
No deal Brexit – How it can affect customs changes
No deal Brexit – What about VAT?
HMRC publishes partnership pack: preparing for ‘no deal’ Brexit
Useful links:
Register for an Economic Operator and Registration Identification (EORI) number
Register for new Transitional Simplified Procedures (TSP)
