Brexit is coming but what does it mean for business owners?
Brexit seems seems to have been rather low key in the press recently, perhaps overridden by COVID and the US Elections, however, (whether you like it or not) as a result of Brexit, there are new rules from on 1 January 2021 which could affect your business.
Brexit – you need to act now if you’re:
- importing goods from the EU
- exporting goods to the EU
- moving goods to or from Northern Ireland
- travelling to the EU
- living and working in the EU
- staying in the UK if you’re an EU citizen
Get the complete list of what you need to do for you, your business and your family.
Sending packages abroad
If you post goods you must complete and affix a customs declaration which you can obtain from the Post Office.
If you are moving goods between countries you will need an EORI number – if you don’t have one, make sure you apply. Check this website to see if your business already has an EORI number. If you don’t have an EORI number and you are going to be moving goods between countries then you can apply for one here.
If you receive goods/materials … well anything really, from other countries, you should check with your Supplier that they are prepared for new border control requirements.
You should consider that there are likely to be delays at borders due to increased / new border checks. So leave plenty of time for your orders to arrive or even consider purchasing more items and ordering less frequently.
Trade Tariffs may be introduced (but not as of yet) so it’s worth factoring potential tariff costs into your business plan just incase.
The Department for International Trade operates a Brexit enquiry service to help businesses with queries about international trade or investment. It’s open Monday to Friday and can be reached via an online form at: https://www.great.gov.uk/brexit/contact/
You can also call HMRC imports and exports on 0300 200 3700 for questions about customs.
Brexit – Hiring EU Nationals
For EU workers who are already working in the UK nothing really changes until June 2021 but after that time it’s likely that you’ll have to go through additional Right to Work checks and apply for Working Visas (which take time and can be costly). However the reality is that even though extra measures will be introduced, they are likely to be less arduous than those for outside of the EU.
People who have been in the UK before 1 January 2021 will need to apply for the Settlement Scheme (details of how to apply can be found in the link below).
If you hire someone new, from the EU, after 1 January 2021 you’ll need to go through some additional checks which are part of the new immigration system. People coming to the UK for work will need a Work Visa before they enter the country. As an employer you will need to be an approved sponsor so if you are considering sponsoring an EU worker in 2021 you should apply now (here is the link getting approved now).
You can keep up to date with developments on this topic and find out about the EU Settlement Scheme here.
Brexit – what do you think?
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Brexit for business owners
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Green Zebra are Xero Accountants and Business Advisors, specialising in Xero Software. We offer services such as Limited Company Annual Accounts, Personal Tax Returns, VAT, HMRC Administration, Director Self Assessments, Cashflow forecasting and Profit strategies coupled with Business Growth advice.
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