How can I prepare for Brexit?

The UK is due to leave the European Union on 31 October 2019. When this happens, the VAT processes for UK businesses are subject to change.

HM Revenue and Customs (HMRC) has come up with a checklist for your business to help you take the necessary steps to prepare for when the UK leaves the EU.

• You will need a UK EORI number and customs forms to move goods in and out of the UK.
• If you buy items from EU countries, apply for Transational simplified procedures, check the  import duties , and apply for online accounts to make tax payments. 
• If you sell products to the EU, get the relevant paperwork from your consumers who import your goods to their country and check if your shipment services require more information. 

Here’s the checklist published by the HMRC. 

Prepare your business for Brexit with the help of the checklist. In the meanwhile,  HMRC will let you know about the next steps to take before 31 October 2019.

For more information on Brexit, go to this site.