One thing is certain – we will all be affected to some degree by the departure from the EU. But exactly how it will affect UK businesses is as yet unclear, particularly as no deal has yet been struck with the EU.
Some of the issues to consider include:
- Movement of goods
- Business models and contracts
- People and employment policies
- Supply chain
- Taxation (including VAT)
- Business finances (including currency fluctuation and EU funding)
HMRC has started to issue guidance for businesses in the event of no deal, some of which requires companies to take action now to be eligible for temporary arrangements. You can find out more about this here.
How should you prepare?
Preparation is not just about looking at how different scenarios will affect your business, it’s also about getting your house in order. Being able to control as many variables as you can will strengthen your business’ ability to withstand the challenges and take advantage of any opportunities Brexit Britain will offer.
In the meantime, we’ll do our best to keep you up to date on the latest key developments including specific advice on preparing for a no-deal Brexit.
Want to know more? Take a look at our blogs on Brexit here.