As ‘Brexit day’ fast approaches on the 29th March 2019, the notion of a no deal Brexit is slowly becoming more of a possibility. This could have a considerable effect on the way you conduct your business if you operate in any way at the UK border. Thankfully, we have produced a quick help guide with all the key information you need to ensure you’re prepared for this outcome.
In a no-deal scenario;
The UK is currently in discussions with the EU to retain membership of the Common Transit Convention (CTC). If we lose our membership then we will no longer be able to begin or complete transit movements in the UK using the CTC process.
The government is also planning on introducing postponed accounting for import VAT on goods brought into the UK, so essentially you can put your import VAT on your VAT return instead of paying it at the border to save confusion and any extra delays that would be caused by an overcomplication of this process. This will be followed for all imports from EU and non-EU countries, which will help to make the most of new trading opportunities around the world.
There are a number of things you can do now to prepare for the possibility of a no deal Brexit;
Full details for everything outlined in this post can be found in the 'HM Government Partnership pack: preparing for changes at the UK border after a ‘no deal’ EU exit'