The UK has left the EU and with the transition period coming to an end on 1st January 2021, it’s more important than ever, that businesses are ready for the impact that Brexit will have on their future.
With guidance directly from HMRC, we have highlighted a key checklist for your business.*
*The following is based on Government guidance as at December 2020 and is intended to be a general summary.
Government guidance may not be comprehensive, particularly with regard to actions that may be required if you are trading with EU member states.
Specific guidance should be sought for individual circumstances.
Unsure what is applicable to your business?
Here at Robinsons, we can help you. Speak to the team today.
The government has recently launched a Brexit Planning tool to help individuals and businesses.
Using a traffic light system for the most important areas for you, this report can help businesses, families and individuals plan for their specific circumstances. This is a great starting point to prioritise what is important for your business.
With many areas of businesses being affected by the upcoming changes it is important to look at sectors that may specifically affect your business.
Considerations are as follows:
TAX – How exposed is your business and balance sheet to tax changes?
Labour supply – Would your business be impacted by restrictions on the free movement of workers between the EU and the UK?
Supply chain – Do you rely on goods being imported or exported from EU countries? This may impact you due to custom tariff, trade agreements or even speed of delivery.
Finance and the Economy – Do you trade or receive funding from the EU? Fluctuations in interest rates, exchange rates and funding may impact your bottom line.
Public procurement – Does your business take part in public procurement tenders? How dependent is your business on EU tenders?
Data protection – To what extent does your business process personal data within the EU, for example cloud data storage or payroll data?
Intellectual Property – Does your business use EU IP rights, such as EU trademarks, for protection in the UK? Licences and agreements may require modifying once the transition period ends.
Internal controls and compliance – Are your compliance policies, strategies or internal controls tailored to EU laws and regulations? Look to review and amend to accommodate potentially diverging EU and UK requirements.
Consider all sectors of increased risk so that mitigation measures can be implemented.
If you’re a UK business thinking about bringing goods from overseas into the UK to sell or use in your business, this video is here to help you understand more about the decisions and processes for importing into the UK.
If you’re a UK business thinking about selling products overseas, this video is here to help you understand more about the decisions and processes for exporting to other countries. For more information have a look at the guidance available on gov.uk.
Use someone else to deal with import and export declarations for them, such as freight forwarding companies and fast parcel operators. Go to GOV.UK to find out more.
The Brexit Transition
The UK has left the EU and with the transition period coming to an end on 1st January 2021, it’s more important than ever, that businesses are ready for the impact that Brexit will have on their future.
With guidance directly from HMRC, we have highlighted a key checklist for your business.*
*The following is based on Government guidance as at December 2020 and is intended to be a general summary.
Government guidance may not be comprehensive, particularly with regard to actions that may be required if you are trading with EU member states.
Specific guidance should be sought for individual circumstances.
Unsure what is applicable to your business?
Here at Robinsons, we can help you. Speak to the team today.
The government has recently launched a Brexit Planning tool to help individuals and businesses.
Using a traffic light system for the most important areas for you, this report can help businesses, families and individuals plan for their specific circumstances. This is a great starting point to prioritise what is important for your business.
BREXIT PLANNING TOOL
HM Revenue and Customs resources to help preparations for Brexit transition.
TRADER CHECKLIST
With many areas of businesses being affected by the upcoming changes it is important to look at sectors that may specifically affect your business.
Considerations are as follows:
TAX – How exposed is your business and balance sheet to tax changes?
Labour supply – Would your business be impacted by restrictions on the free movement of workers between the EU and the UK?
Supply chain – Do you rely on goods being imported or exported from EU countries? This may impact you due to custom tariff, trade agreements or even speed of delivery.
Finance and the Economy – Do you trade or receive funding from the EU? Fluctuations in interest rates, exchange rates and funding may impact your bottom line.
Public procurement – Does your business take part in public procurement tenders? How dependent is your business on EU tenders?
Data protection – To what extent does your business process personal data within the EU, for example cloud data storage or payroll data?
Intellectual Property – Does your business use EU IP rights, such as EU trademarks, for protection in the UK? Licences and agreements may require modifying once the transition period ends.
Internal controls and compliance – Are your compliance policies, strategies or internal controls tailored to EU laws and regulations? Look to review and amend to accommodate potentially diverging EU and UK requirements.
Consider all sectors of increased risk so that mitigation measures can be implemented.
If you’re a UK business thinking about bringing goods from overseas into the UK to sell or use in your business, this video is here to help you understand more about the decisions and processes for importing into the UK.
WATCH VIDEO
If you’re a UK business thinking about selling products overseas, this video is here to help you understand more about the decisions and processes for exporting to other countries. For more information have a look at the guidance available on gov.uk.
WATCH VIDEO
Use someone else to deal with import and export declarations for them, such as freight forwarding companies and fast parcel operators. Go to GOV.UK to find out more.
WATCH VIDEO
Unsure what is applicable to your business?
Here at Robinsons, we can help you. Speak to the team today.
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