What does brexit mean for your Bolton business after December 31st?
Get to grips with everything you need to know to make your Bolton business a success after the Brexit transition period has ended!
The UK is finally cutting ties with the European Union, after months of negotiations. The trade deal brings with it several new rules, mainly on travel, immigration, commerce, crime-fighting, and security, amongst others.
From 23:00 pm GMT on the 31st of January 2020, Brexit will begin. This means anyone who wishes to stay in the UK for a period longer than ninety days will require a VISA. Furthermore, the free movement of people between other countries within the EU will come to an end, replaced with a point-based immigration system.
Nonetheless, we’re sure you’re here for the main question: What does this mean for my Bolton business? This article will tell you exactly that, beginning with a no doubt increase in paperwork.
An increase in paperwork
Those who currently trade with other EU countries will now have to fill out more paperwork when dealing with these countries. This will be standard from now on and a regular routine when dealing with other EU Countries.
Do you employ EU workers?
If your Bolton business currently employs EU workers, they have until June 31st to apply for settled status. This gives them permission to continue living in the UK, as long as they have lived here since December the 3rd, 2020.
Applying for an EORI number
Currently, if you buy or sell goods as a UK business in the European Union then currently these are not considered exports as there are no trade borders with other countries. However, once the trade deal is in place, this means you will have to apply for a reference number to continue trading – this is known as an Economic Operator Registration and Identification number, else known as EORI.
Furthermore, if you currently important goods from the EU, regardless of what they are, you should also apply for Transitional Simplified Procedures, TSP for short. This grants you additional time to submit your customs documentation – ensure to have your EORI handy to do this.
Finally, if you do important goods from any other country in the European Union, you should familiarise yourself with changes in VAT and duty charges – although these may not directly apply to you.
To find out more information about this, including whether or not your business is affected, click here.
Consider every element of trade
As a Bolton business, you must consider every element of trade associated with the European Union, including both the import and export of goods. New rules are being introduced, and goods must be declared, so it’s essential to read up on the latest information, seeing what applies to you and your business.
Once again, to find out more about the elements of trade, you can see the government guidance by clicking here.
Brexit comes into full effect at 23:00 GMT on December the 31st, with further changes implemented from the 1st of January, 2021. It’s important to prepare for these changes, or at the very least, know what impacts your Bolton business and how to navigate these potential obstacles.
You may not be affected at all, or your business may take a bit hit – so it’s important to stay up to date on the latest changes. If you need help or advise on any of the points in this article then please don’t hesitate to get in touch with Daniel Sam Chartered Accountants for any advice you may need.