Preparing for Brexit
Act now to prepare for Brexit
Many businesses are unaware that there are some key things they need to do before the end of the year to ensure they can continue to trade from 01 January 2021.
The UK left the EU on Friday 31 January. There is now a transition period until the end of 2020 while the UK and EU negotiate additional arrangements.
From 01 January 2021 there are some significant implications for all companies, not just those who are involved in importing/exporting or travel, including:
- New customs paperwork and tariffs
- Changes to data protection and contracts
- Visa and travel requirements e.g. when travelling for work.
In addition, businesses that import or export goods, either as sales or in their supply chain, must register for an EORI (Economic Operators Registration and Identification) number.
Commenting on the forthcoming changes, Gerry Collins, Ecovis Managing Partner said; “Brexit is looming with massive consequences for our clients. Many clients are unaware of some of the changes, partly due to Covid-19 dominating the news. For example, many are unaware that their terms and conditions may no longer be relevant or understand the steps they need to take to ensure they can continue to import and export goods.”
To help businesses prepare, we have produced a couple of helpful resources:
- Preparing for Brexit: A Guide for Businesses (including helpful links to tools and further resources); and
- A 15-point Action Plan.
Please click to download your free guide and action plan below:
Concluding, Gerry Collins comments; “The economic consequences of Brexit are unclear and depend on many factors. Businesses need to plan ahead, including preparing cashflow forecasts to ensure they know what money they need, when and where they will get it from. Our clients need to act now to ensure there is no disruption to their business.”
Brexit brings with it many changes, therefore it’s important that you take the necessary actions to protect your business and ensure you can continue to trade. Please do get in touch with our team to receive guidance and advice that is specific to your business and your circumstances.