British Firms Not Yet Ready For Brexit

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The government of the United Kingdom has warned that more than four in five British companies will not be able to trade with the European Union under a no-deal Brexit unless they are able to register in the next month.

HM Revenue and Customs (HMRC) says that only 41,000 companies which trade with Europe have submitted the necessary paperwork so far. It said that a staggering 83 percent of the estimated 240,000 companies affected have still not registered.

With the clock ticking down to the scheduled departure date of the United Kingdom on the 29th of March, the appeal suggests that officials are highly concerned regarding the level of preparedness in UK business.

Today, a spokesperson from Downing Street disclosed that adverts are also expected to appear on our TV screens soon. It will be advising the public on how to make preparation for the United Kingdom crashing out the bloc without a deal.

As the HMRC issued its latest warning to British firms this week, it set out its guidance on the three steps that they may need to take in order to carry on trading if the United Kingdom leaves the bloc without a deal.

It said that the firms will need to register for an Economic Operator and Registration (EORI) number. Some may have done so already if they have previously traded with countries outside the European Union.

They would also be required to make customs declarations on exports and many imports if the UK government fails to reach an agreement with Brussels that would protect the existing trade rules and freedoms.

HMRC says that firms should now consider how they would make such declarations, whether choosing to do it by themselves or by appointing a customs agent.

Also, the firms that import goods using roll-on, roll-off locations can register for Transitional Simplified Procedures (TSP), which allows them avoid full customs declarations and delays the payment for import duties at the border.

A financial secretary to the UK Treasury, Mel Stride, stated: “We want businesses to be able to continue trading with minimal disruption in any scenario but we also know that people tend to leave things until the last minute and we would urge against that.”

He added: “We are specifically advising businesses to take some simple steps to be prepared – the first thing they need to do is register for an EORI number – it is free and takes less than 10 minutes.”