Brexit: Act now, time is running out

Increased urgency

There are just 67 days remaining until the end of the transition period. It is for this reason that the UK Government has launched the latest version of its readiness campaign – “Time is Running Out”. You may have seen some TV adverts over the last week or so – this is one of the ways the Government is trying to get the message out there.

The exact details of the future relationship remain unclear, but there is certainty about much of what will change from the 1st January. In fact, the Government says that businesses can already prepare for about 80% of changes from 1st January and describes these actions as “no regret” actions that businesses should take now.

HMRC sends more letters

HMRC has once again written to VAT-registered businesses across Great Britain urging them to familiarise themselves with the changes coming on 1st January and to take the necessary steps to prepare.

This time HMRC has highlighted the introduction of import and export declarations when moving goods between Great Britain and the EU. These processes are set out in detail in the Border Operating Model, the latest version of which was published earlier this month.

What else can businesses prepare for?

As it happens, lots, and it is important to act sooner rather than later. For example, the UK will no longer be members of any EU agencies as the UK Government seeks total regulatory autonomy from the EU. This means new regulatory regimes for aviation safety and chemicals. The ADS Brexit Hub contains useful links to the guidance for these issues.

Businesses should also consider putting in place mitigation to ensure data can continue to flow between UK and EU based customers and suppliers. The slim chances of the EU awarding the UK with data adequacy status makes this a crucial step to take now.

Finally, ADS is running a webinar series to cover the key issues that members need to prepare for. The next two webinars are confirmed as follows: