Arrangements have been announced by the government regarding the movement of goods to and from the EU. A simplified import and export system has been implemented by HM Revenue & Customs (HMRC) – in the event of a ‘no deal’ scenario – as a mechanism to ensure that goods move to and from the UK, with a reduced administrative burden for businesses, in terms of the documentation required at the port of entry and exit.
It is intended to make it easier for businesses who import from the EU using roll on roll off (RO-RO) facilities. This development will be of interest to any businesses involved in intra-EU trade. In particular, those businesses whose goods arrive and depart from one of the UK’s RO-RO locations for example, Dover or the Channel Tunnel.
Businesses need to consider whether they wish to make use of this provision. HMRC has advised that businesses will need to register to use Transitional Simplified Procedures (TSP), this can be done from 7th February 2019 via this link.
These transitional simplified procedures reduce the amount of information you need to give in an import declaration when the goods are crossing the border. They do this by allowing you to defer giving a full declaration and paying the relevant customs duty.
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 analyses, and calculating and checking compliance with covenants.
Contact Steve Govey or your usual Beavis Morgan Partner for further information about how we can assist you and your business.