Brexit, the word that is on the tip of most people’s tongues, as we edge ever closer to the 29th March 2019 deadline.
In light of recent announcements made by the PM Theresa May, HMRC have issued new guidance to assist UK business with their post brexit preparations should the country find itself at the sharp end of a ‘no deal’ scenario .
The new information focuses on changes at the border for businesses importing and exporting to the EU including new customs requirements and VAT amendments, whilst also highlighting new conformity standards for product testing and packaging relating to approval schemes and revised product labeling.
Key points include a postponed accounting system for payment of VAT on imports to the UK, the abolishment of the EU digital services VATMOSS scheme, a new ‘CE’ mark and changes to travel and passport arrangements.
HMRC’s guidance reassures readers of it’s confidence in the government securing a brexit deal and assures that such information is issued to help businesses prepare by following these key steps:
- think about how you will need to adapt your business to comply with new systems, processes and controls
- assess the impact of the increased demand for customs declarations on your business
- consider whether you need to recruit and train additional staff
- stay up-to-date with Brexit changes
At Exe Bookkeeping and Payroll Services, we are keeping up to date with all of the latest changes and will shortly be providing a dedicated Brexit information page to assist our clients in keeping up to date with all brexit developments in an easy to understand, jargon free format.