As part of your Brexit planning, our advice is to remember compliance is key.
We can be sure that HMRC will be hot on compliance next year, we see they have recently updated the notice on penalties.
Why it’s worth checking compliance
The list of penalties is eye-watering, ranging from £1,000 to £2,000 per instance. It will be the trader, the importer or exporter, who will be penalised, not the person submitting the declaration on your behalf.
They make it clear that excuses such as I didn’t know or We didn’t check won’t wash. In HMRC’s world, ignorance is never bliss!
The good news is penalties can be avoided if you discover the contravention before HMRC and report it straight away. HMRC say:
“You will not receive a penalty if you discover and disclose a contravention voluntarily”
Our advice is to ensure your Brexit planning includes an emphasis on checking compliance at every stage.
Details on penalties here:
Who will be liable for what here: