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No-Deal Brexit

No-Deal Brexit

HMRC has revised its assessment on the cost to business in the case of a no-deal Brexit. Estimated to cost £15bn a year for ongoing administrative costs for UK-EU trade and up to £56 per declaration

HMRC impact assessment for the movement of goods if the UK leaves the EU without a deal (third edition)

This is the third edition of the impact assessment that was first published on 4 December 2018. This edition includes the impacts of the customs, VAT and excise regulations laid before Parliament in February, March and September 2019 (under the Taxation (Cross-border Trade) Act 2018 (TCTA 2018) and the EU Withdrawal Act 2018 (EUWA 2018)) and adds to the impacts that were published on 25 February 2019.

The government would prefer to leave the EU with a deal and is working in an energetic and determined way to get a better deal. If it is not possible to reach a deal we will leave with no deal and the government is making all necessary preparations to do so.

As part of the preparations, HMRC has written a series of letters (which are published on GOV.UK) to over 145,000 VAT registered businesses that trade only with the EU to advise them on the actions they need to take, and the changes to be aware of, in order to prepare for the UK leaving the EU without a deal. HMRC has published more than 100 pages of cross-government guidance on processes and procedures to assist businesses in their preparation.

The impact on businesses and individuals of introducing new customs legislation and amendments to existing VAT and excise legislation. It includes 5 sections:

  • Section A: Background
  • Section B: Summary of impacts (plus annex)
  • Section C: Detailed impacts – the cost of submitting customs and safety and security declarations, paying import duty and import VAT and mitigating facilitations
  • Section D: Regulations with negligible cost or no impact
  • Section E: Other impacts

Read more here or contact AJR & Co Ltd to arrange a free 30 minute consultation to discuss what a no-deal Brexit could mean for your company.

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