Gloucestershire businesses are worried as March 29 draws near and there is still no deal sealed. Many businesses are now on the go to prepare for a no-deal Brexit scenario.
The HM Revenue and Customs (HMRC) urged owners in South England to be prepared to make sure that their business will thrive in the event that there will really be no deal. It has about £8 million to support businesses and educate them about importing and exporting declarations. This includes all training and IT costs.
HMRC recommended three steps for businesses to take as a part of their preparation for a possible no-deal Brexit:
1. A business must be registered for an EORI or Economic Operator and Registration Identification number.
If there will be no deal following the Brexit, businesses will not be able to trade with the EU if they do not have an EORI number. The registration is easy and free, and it will only take about less than 10 minutes to complete the whole process. Nonetheless, only about 17% of the businesses are registered.
2. Once a business is registered, they need to determine their customs declaration.
An option is to engage with a customs agent if they want an easier, no-hassle way.
3. Businesses may apply for a TSP of Transitional Simplified Procedure registration.
This is necessary for businesses that will import products going to the UK from the EU. It will also help businesses import goods without the need to declare everything at the border.
The specifics, including the documents needed and the application process, of this HMRC recommendation, may be viewed and accessed via the gov.uk website.
Mel Stride, the Financial Secretary to the Treasury, stated that local businesses in South of England should be able to continue with their transactions with less disruption and that businesses should start to take the steps now.