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Brexit readiness report published

Wednesday October 9th, 2019

The Government has published the Brexit readiness report detailing the UK’s preparedness ahead of Brexit on 31 October.Government Opportunities

Preparations to ensure that the UK is ready for Brexit on 31 October will be set out in a paper published today by the Chancellor of the Duchy
of Lancaster Michael Gove.
The Government has put forward serious and reasonable proposals to the EU and continues to work at pace to secure a deal, but this will require movement from the EU. If we leave without a deal, the Brexit readiness report includes details of the Government’s work to make sure that citizens and businesses are ready for Brexit on 31 October.
The report also sets out the preparation underway to ensure that goods continue to flow smoothly across the UK and EU border after Brexit, with measures in place and information given to traders, businesses and hauliers on what they need to do to prepare before 31 October.
These include:
the automatic allocation of Economic Operator Registration Indicator (EORI) numbers to 88,000 VAT registered companies across the UK that frequently trade with the EU;
postponed VAT accounting for both EU and non-EU imports, enabling VAT-registered businesses to wait until their next VAT return to declare and recover import VAT on goods- helping their cash flow and reducing costs at the point of import;
a Temporary Tariff Regime (TTR) for all imports, including from the EU, supporting consumers, business supply chains and those sectors in
the UK economy that would most benefit from support as we leave, for up to 12 months; and
HMRC sending 220,000 businesses guidance on the steps they need to take to import and export after we leave the EU on 31 October.

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