What is happening: Companies from both the UK and Europe will now be rushing to prepare extra customs declarations, as well as a vast array of other documents.
Brexit: A no deal Brexit would bring with it a huge change in bureaucracy, as no formal trade agreements would be in place.
Forms: All the talk so far has been of tariffs and imports/exports, but what could really hamper companies is the paperwork that comes with this. The UK tax authority has estimated 205 million extra customs declarations per year from UK importers.
Costs: British exporters would also be forced to shell out $17 billion per year in paperwork-related costs. Companies may have to dip into paperwork from last year, meaning extra admin costs.