As the uncertainty and turmoil around Brexit continues with the triggering of Article 50, it has never been more critical to consider how the rapidly changing political environment will impact your business.
While the final outcome will likely take some time to fully emerge, 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
The best course of action, at this stage, is to plan for any possibility and 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-Brexit, therefore affecting all businesses. This is especially true for those who trade physical goods as opposed to services.
Finance and tax
Again, the impact of Brexit on finance and tax is heavily reliant on whether we have a deal or no-deal outcome. 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.
Regulations and legal
Most laws will not change significantly post Brexit 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.
To learn more about the implications of VAT on a no deal Brexit, click here.