Every week I get detailed emails from the Department of Business, Energy and Industrial Strategy (BEIS) setting out their planning around a No Deal Brexit. It doesn't make for fun reading. If any of you voted to leave for less regulation, I'm afraid I might have some bad news for you.
Anyway, in not entirely unrelated news, here's one thing that BEIS is asking businesses that only trade with the EU to do in preparation for a No Deal exit:
Apply for an EORI number if you're not VAT registered. You need this to move goods into or out of the EU (including the UK). If you do not get one, you may have increased costs and delays. HMRC has very sensibly decided to automatically give all VAT-registered firms an EORI number in the next two weeks.
Consider registering for TSP. Transitional Simplified Procedures will make importing goods easier for the initial period after the UK leaves the EU. Traders registered for TSP will not need to make full customs declarations at the border and will be able to defer paying their customs duties.
Confirm you can complete each data field in the Declaration.
Agree responsibilities with your customs agent and logistics provider for each part of the process and update your contracts to reflect this.
Identify software for submitting documents, if you do not use a customs agent.
It's impossible to pass on the way a No Deal Brexit could impact each and every area of your business. However, if you have any burning questions about the impact of a No Deal Brexit – whether that's tariffs, visas, intellectual property, or whatever – let me know, and I'll ask some experts on your behalf. I may post some of these anonymously next week.
Of course, we still might not get a No Deal Brexit – but that's complicated.
One thing that will be concerning for many is the Home Secretary's promise to end Free Movement if we leave without a deal. However, as Jonathan Portes, Sunder Katwala and Joe Owens all explain, this promise is either meaningless or unachievable. It doesn't make the announcement any less concerning, so back in the real world we are hosting a roundtable with Kingsley Napley on Thursday that may help you clear up some of the uncertainties for you and your employees (see below).
Channel 4 You
Would you be happy to go on Channel 4 to talk about your business spending dilemmas in exchange for free financial advice? I can't think of anything worse, but I suppose it might be useful and could help promote you and your business. Contact Firecracker Films at firstname.lastname@example.org or on 07494 405759) if you want to find out more.