Brexit is approaching: what can you do now?

On 1 January 2021 the UK will officially leave the EU. Whilst there is no trade deal agreed at the moment, there are still actions you can take now, to get ready.

Who does it affect?

  • Businesses importing from the EU into the UK
  • Businesses exporting to the EU
  • Travelling to the EU
  • Employing EU citizens

Legals and Contracts

  • Check contracts and terms between yourself and customers/suppliers in the EU to make sure they are still legal from 1 January 2021.
  • Do contracts need to be updated?
  • Do you need to seek legal advice?

Talk to your Suppliers and Customers

  • How will your usual processes work?
  • Do you need additional processes to deal with border and customs issues?
  • Will there be delays in your supply chain?
  • Do you need to look at other suppliers?
  • Will there be extra costs to cover?
  • Do you need to increase your prices?
  • Are you covering import/export costs, or will your suppliers or customers pay these?

You don’t want to be hit with unexpected costs or delays

Customs and Borders

  • Make sure you’re clear on customs procedures and checks
  • You will need an EORI number if you’re moving goods between the UK and the EU, or non-EU countries
  • From 1 January 2021 you need an EORI number starting with GB if you’re moving goods between Great Britain and other countries
  • You’ll need an EORI number starting with XI if you plan to move goods between GB and Northern Ireland
  • Apply for an EORI number here
  • More about EORI numbers from HMRC here
  • Guidance from HMRC on importing from the EU here
  • If you need someone to deal with customs for you, check here

VAT and Accounting

We are keeping an eye on this, but if you trade extensively with other EU countries, you may need to register for VAT with each country.

Things to consider:

  • Changing rates of VAT for any products or services sold to the EU
  • Do you need to register in any other EU countries?
  • Again we’re keeping a close eye on this, and will keep you up to date
  • We’re working with our friends at Xero to make sure that you’ll be able to record transactions and VAT correctly in Xero

Travel in and out of the EU

  • Check what documentation you need
  • Make sure your phone is set up with the correct roaming features
  • Watch out for extra phone roaming charges

Employing people from the EU

  • Are employment contracts still valid?
  • What work permits do you need?

  • Keep checking back

  • There is so much to think about, and at the moment no clear trade deals, so we appreciate that it is difficult to make plans.
  • We will keep up to speed with changes, and will keep you up to date as soon as we know