UK businesses trading with the European Union (EU) will today receive a letter from the HM Revenue & Customs advising them on how to deal with the complexities of a no-deal Brexit.
According to a report in The Times*, small and medium sized businesses (SMEs) could find themselves having to apply new customs, excise and VAT procedures to their goods and having to fill out customs declarations for the first time.
Mel Stride, Financial Secretary to the Treasury, talks to the Times about how hard it will be for businesses to navigate a no-deal Brexit, but reassures companies and tells them not to panic: “I am confident that while we won’t on day one of a no-deal scenario have everything up and running as we would want to … we will have free-flowing goods coming into the country.”
Brexit uncertainty, fluctuating exchange rates, and potential new administrative processes and legal requirements are all concerns for UK SMEs, especially those who trade with the EU. It is therefore essential that business owners maintain effective management of their company’s working capital and put processes in place to survive and thrive in challenging times.
Our experts at Beavis Morgan work with SMEs across a broad range of sectors, assisting with their business plans, establishing the market for their product through research, analysing their financial requirements both now and for the future, and putting processes in place to enhance cashflow, leverage tax smart strategies, minimise risk and drive financial success and business performance.
Source: The Times, 17 September 2018 Exporters awake to warning letters on ‘no-deal’ red tape