Well, not quite actually.
While Leo Tolstoy may philosophically have a point and with no Brexit deal finalised, it may sometimes feel that way but there are things we do know.
There are things we can do.
WHAT DO WE KNOW?
Whether in meetings with parliament, HMRC, our FX and employment law specialists or Border Force, our Brexit team has been entirely dedicated to getting as much insight information as possible to help our customers prepare appropriately and to put safe solutions in place to offer maximum support.
NEED BITE-SIZED ANSWERS TO KEY QUESTIONS?
Following recent discussions between Theresa May and the EU, a possible no-deal and its potential effects are a concern of many. But what would that mean?
YOU DON'T CARE ABOUT POTENTIAL NO-DEAL CONSEQUENCES BUT WANT TO KNOW HARD FACTS NOW?
WILL DUTY/VAT BE PAYABLE ON GOODS COMING INTO THE UK?
In a worst-case scenario, Duty would be introduced, probably at WTO rates.
Fear not - these actually mirror pretty much the current international rates.
However, there are mechanisms in place that may mean any duty is waived – we will receive confirmation of this nearer the time. Another pending change is that import VAT will be postponed (For EU and International shipments).
This means that if you are VAT registered, you will no longer have to pay it up front and then claim it back.
IF YOU HAVE NOT 'TRADED INTERNATIONALLY' BEFORE, WHAT DO YOU NEED TO DO TO PREPARE?
There are two main things you can do right now:
1. Apply for an EORI number. This will be required for you to trade with the EU (and Internationally). If you do not have an EORI, you will not be able to import or export products. The good news is that it's free and only takes ten minutes to apply online.
Do it now: https://www.gov.uk/eori
2. Find out what HMRC tariff codes apply to your products. These are ten digit numeric codes that allow HMRC to identify your goods. You can look for a code that applies to your products here: https://www.gov.uk/trade-tariff
STILL CONFUSED AND CONCERNED?
We deliver support.
We have the resources and network in place to find the best possible solutions for you based on the most up-to-date expert knowledge.
If you have any specific questions, you can email our Brexit team via email@example.com.
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