It’s official, the UK is no longer a member of the EU and has now entered a transition period while the UK and EU negotiate arrangements. Agreed changes will take effect from 1st January 2021 including travelling to and from the EU, freedom of movement and UK-EU trade.
it has never been more critical to consider how the rapidly changing political environment will impact your business, we can help you navigate through the rhetoric to ensure you and your business are prepared and able to make informed, strategic decisions.
Consider and develop your Brexit plans
There are some key areas that all organisations should be addressing:
Customs and tariffs
The future trade agreement between the UK and the EU will be essential to the economy post transition period, therefore affecting all businesses. This is especially true for those who trade physical goods as opposed to services. It is worth considering a review of possible tariffs, ensuring paperwork is in order and making sure your business is read for VAT changes.
Finance and tax
Again, the impact of Brexit on finance and tax is heavily reliant on the terms agreed. At this stage, it would be worth reviewing your current tax position along with group structures and tax consolidations. Other key issues to consider are VAT, capital and currency issues. To learn more about the implications of VAT on a no deal Brexit, click here.
It is important to review your supply chain for any potential challenges which may impact the importing and exporting of goods. This may include finding alternative suppliers or intermediaries such as freight forwarders.
The government have published guidance for EU citizens currently living in the UK, who will need to apply to the EU Settlement Scheme to continue to live, work and study in the UK.
As registered advisors with the Office of the Immigration Services Commissioner, CBW are able to provide immigration advice and services to our clients. This includes guidance on the impact of Brexit on your workforce, assistance with Sponsor Licence applications and support with right to work checks.
Regulations and legal
Most laws will not change significantly due to the EU (Withdrawal) Act 2018. However, businesses should review and seek guidance on key existing contracts as Brexit could bring commercial implications.
For practical steps you can take as a business or individual, visit the gov.uk page, Prepare for EU Exit.
Listed below are some helpful resources from gov.uk to help you prepare for Brexit if you live in the UK:
Visiting Europe – Includes passports, driving and travel, EHIC cards, pets and mobile roaming fees.
Buying things from Europe – Includes consumer rights, making payments and package holidays.
Studying in the EU – Includes Erasmus+ and other options for higher education study abroad.
Family law disputes in the EU – Includes divorce and disputes about parental responsibility or child maintenance.
Whether you are an organisation or individual, CBW’s experts are here to offer a powerful combination of business and financial insights and offer the best solutions, whatever your concern. Please contact Thomas Adcock for further guidance on any tax related concerns you may have. For immigration advice and help with the actions that need to be taken for both individuals and employers, please contact Andreja Okamgba.