Everything you need to know about the HMRC Brexit Checker
Did somebody say the ‘B’ word?
Yes. And with very good reason! Because, after a prolonged period of uncertainty, Brexit has finally happened. The transition period has ended and new rules for UK businesses came into force on 1 January 2021. We’ve entered a whole new trading relationship with the EU…
So where does this leave you?
The most obvious implications are for businesses dealing with the import and export of goods, but a host of other questions are coming up too – not least any changes to tax and VAT. It goes without saying that to stay agile, effective, and profitable in your market you need to understand the impact that Brexit will have on your business – and your finances.
The good news is that the HMRC has actually produced a helpful and easy-to-use tool to keep your business moving. So if all the recent changes have left you scratching your head, you’re in the right place.
Let’s dive in right away to everything you need to know about the new Brexit Checker.
What is it?
The Brexit Checker is an online tool that walks you through a series of simple questions. Your answers to these questions give you a personalised list of action steps to make sure your business doesn’t fall foul of the new rules.
Who is it for?
We’re focusing on the benefits for businesses here (because you’re our favourites ;-)) – but the Checker is actually for anyone with questions or concerns about travelling to Europe, or dealing with Europe in any way.
For businesses
If you answer yes to any of the questions below, head over to the Checker tool today:
- Do you import or export to the EU?
- Do you move goods between Great Britain and Northern Ireland?
- Do you have EU suppliers? (your distributors may use EU suppliers)
- Do you manufacture or sell CE marked products?
- Do you operate in a sector with specific changes, for example cosmetics and food businesses?
- Do you deliver business services to EU markets or travel for business?
- Do you hold EU customer personal data?
- Do you employ people from outside the UK?
What else do you need to know?
As a general point, remember that this new era of trading will offer opportunities – as well as challenges. The new trade agreement could give you the confidence to push into new markets, for example, or to firm up investment plans. On the other hand, the need for additional customs arrangements could create some extra costs.
You should also consider how your supply chain could feel any knock-on effects. Even if you don’t trade directly with the EU, your suppliers may incur additional costs or longer lead times. These could have an impact on your business, so make sure you forecast your cash flow. If you anticipate production delays, run projections on the impact of the delays and in receiving money too.
We’re here to support you
Yes, there’s a LOT to think about. We would urge you to use the Brexit Checker (click here) in the first instance. It’s relatively painless, we promise! And will give you a helpful overview of your post-Brexit priorities. If you have any questions about your list of actions or are concerned in any way about the impact that Brexit will have on your business, we’re here to help.
Similarly, if your current accountant is falling-short on advice and guidance, the team at Zoo Accounting love to speak with you.
Click on the following link to get in touch with Wayne today >> Book your free consultation
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