Last week, HM Revenue & Customs (HMRC) published an updated version of their ‘Partnership Pack’, aimed at helping businesses prepare for a possible ‘no deal’ Brexit. The pack considers customs, excise and VAT procedures to goods traded with the European Union.
Designed to help businesses, as well as their advisers, key stakeholders and suppliers, with their contingency planning, HMRC’s Partnership Pack focuses on:
– how businesses will need to adapt to comply with new systems, processes and controls
– how they can assess the impact of the increased demand for customs declarations on their business
– whether to consider recruiting or training additional staff
– how to stay up-to-date with the various changes.
The pack, which provides a high-level guide to processes and procedures that are likely to apply to cross-border activity between the UK and the EU in a ‘no deal’ scenario, is split by topic, audience and flowcharts and includes:
- information relevant to all businesses
- resources to help when communicating with customers, clients, stakeholders etc.
- information specific to industry and business type.
“We do not want or expect a ‘no deal’ scenario. It is however the duty of a responsible government to continue to prepare for a range of potential outcomes including the unlikely event of ‘no deal’,” HMRC says.
In order to survive and thrive in this challenging environment, UK SMEs should review their business strategies and put in place plans to enable them to adapt quickly to the changing economic and operating conditions.
Business owners and managers must be aware of income and expenditure by keeping proper records and monitoring trends and patterns. Profit and loss accounts will help you understand how your business is progressing, as well as alert you to any potential issues which might arise, giving you ample warning to rectify the problems or make the necessary adjustments to keep your business on track and successful.
At Beavis Morgan, our specialists to SMEs are available to provide general business advice and to structure your business for tax. We can also assist with business plans and strategy execution, long and short-term forecasts, budgets, sensitivity analysis, and calculating and checking compliance with covenants.