Businesses are being urged to take note of the latest guidance from HMRC in the event of a 'no deal' Brexit.

The latest updates cover customs procedures, import and export registration information as well as VAT rules.

Nick Paterno, managing partner at McBrides Chartered Accountants said: “There have been several government announcements about how businesses could be impacted in the run up to Brexit and it’s likely that there will be many more.

"It’s imperative that businesses keep on top of these, otherwise their operations could be harmed or they may not be taking advantage of funding which could cushion their business against any impact arising from the UK’s departure from the EU.”

Among the key action points outlined by the HMRC include:

• Registering for an Economic Operator Registration and Identification (EORI) number to trade within the EU

• Deciding if they want to hire an agent to make import and/or export declarations for them or if they want to make declarations themselves using relevant software

• Registering for Transitional Simplified Procedures (TSP), which is a new process to make importing easier than it otherwise would be for the initial period after the UK leaves the EU, should there be no deal, registration for which opens today.

For details on the full latest guidance notes from the government, see the gov.uk website.