This week, HM Revenue & Customs (HMRC) will be issuing a guidance letter titled, Changes to the way you trade with the European Union - to UK businesses who have been identified as VAT-registered and currently only trade with the EU.
The letter will set out the issues you may face in the event of a “no deal” Brexit scenario, highlighting in particular procedural changes that will apply to the future trade in goods between the UK and EU Member States.
The UK Government remains confident that agreement can be reached with the EU ahead of the UK’s exit in March 2019. But in order to ensure that UK businesses understand how the UK economy would operate in the situation that a suitable agreement was not reached by then, the UK Government is setting out advice and guidance on the steps that business should be taking to identify relevant changes to the future trading conditions between the UK and EU in the event of a no-deal.
EEF wrote to you recently to inform you that the UK Government had commenced the publication of a series of technical notices, and today 28 more of these notices will be issued, with more to be released in the coming weeks.
We have been meeting with the UK Government constantly since the Brexit vote, and while they remain confident that agreement will be reached, it is sensible that our Members do undertake the analysis to identify all Brexit-related risks. To help you, we have set up a Brexit helpline and a BREXIT HUB on our website to support manufacturers.
We have a range of Brexit resources including summaries of the Government’s technical notices, and a practical self-assessment digital Brexit Toolkit.
Please get in touch with us if you have any queries through our hotline – 0808 168 5874 or email [email protected]