What a no-deal Brexit means for businesses

HMRC has written to hundreds of thousands of UK businesses that only trade with the EU to tell them what to expect if there is a no-deal Brexit.The letters have been sent to some 145,000 VAT-registered businesses, explaining that they should prepare for possible changes to customs, excise and VAT procedures.

Businesses which trade with non-EU countries will already be perfectly used to these procedures, as they are par for the course when trading with the rest of the world. But businesses which trade only within the EU will have to make considerable adjustments, as at the moment, there are no customs checks or declarations between Britain and the rest of the EU.

Any changes would, in theory, come into force at 11pm on March 29, when Britain leaves the EU. A transition period until at least the end of 2020 to make … READ MORE ...