Deal or no deal?

As things stand, a no-deal Brexit remains a real possibility.

Although Prime Minister Theresa May is to allow MPs to vote on delaying Brexit for a couple of months, should her Withdrawal Agreement be rejected, she is adamant that no-deal remains the default outcome.

If we were to have a no-deal Brexit, there would be no transitional arrangements after the UK leaves the EU. The impacts on your business and trading arrangements would be immediate.

The Government has published advice on no-deal planning.

The most useful and concise summary is here. It covers customs, VAT, importing and exporting.

There is even more detail in a series of technical notices here.

The Department for Business, Energy and Industrial Strategy has published sector-specific primers on no-deal planning.

Please follow the links for: food and drinkfarming, fisheries, vets, automotiveaerospace, construction, oil and gas production, retail, space, professional and business services, chemicals, consumer goods, electronics, machinery and parts, electricity sector, gas markets, nuclear, life sciences, research and innovation, parcel delivery services, steel and metal manufacturing, and non-metal manufacturing.

The Department for International Trade has now published details of tariffs that will apply to imports in the event of a no-deal Brexit. Click here. The full Tariff Reference document, listing every tariff is here.

HM Revenue and Customs (HMRC) has written a letter to 135,000 businesses that trade with the EU and/or other countries outlining important changes to customs procedures and VAT that will apply if the UK leaves without a deal. These changes will also impact on UK trade outside of the EU. Click here.

HMRC has also compiled a series of guides on trading with the EU in the event of no deal. They include information on how to apply for an EORI number, which UK businesses will need to trade with the EU, and how to register for simplified procedures to import goods from the EU. Click here.

The Border Delivery Group and HMRC have published a series of short videos to help businesses prepare for changes at the UK/EU border in a no-deal scenario. These set out the actions that businesses will need to take to continue to trade and direct them towards further information available online. Along with a general video for all businesses, there are tailored products for specific industries. There are also two videos that provide more detail on importing and exporting in a no-deal scenario.

In the event of a no-deal Brexit, the Government is hoping to roll over many existing trade agreements between the EU and non-EU countries so that they continue to apply to the UK . To see how this is progressing, click here.

The Information Commissioner, Elizabeth Denham, has written a myth-busting blog on how a no-deal Brexit would affect the flow of personal data. There is more information from the Information Commissioner’s Office here.

Finally, if you can’t find what you’re looking for above, the Institute of Chartered Accountants in England and Wales has  compiled a useful Brexit resource with links to official advice and expertise from law and HR specialists. Click here.

And for a concise overview of no-deal planning, Cumbrian accountancy firm Lamont Pridmore has produced a seven-page guide here.

Cumbria Chamber of Commerce recently held a workshop on no-deal planning with law firm Muckle LLP. That’s TV  Cumbria (Freeview Channel 8) came along to report on the event: