Whilst uncertainty continues over when and how Britain will leave the EU, and how this will affect businesses in the UK it is worth thinking about how the various scenarios could affect your company – what-ever the outcome.
The list below is clearly not exhaustive. There are useful and detailed checklists available from Government Website, The British Chamber of Commerce and ICAEW. If you have any questions or concerns about preparing your business for Brexit please contact us.
- Do you trade with the EU and are you ready for customs? Do you have an EORI number in place? VAT registered companies should already have this.
- Have you assessed the status of your EU employees? Do they know how to register as EU citizens working in the UK (if applicable).
- Consider how any payments to you in Euros will affect your future cashflow, and future contracts.
- Do you have a business with a branch in the EU? In the case of a no-deal, this branch would need to comply with the local accounting requirements.
- Check which regulatory agencies do you currently work with? Will these need to be separate agencies in the UK and EU in case of a no-deal?
- There are guidance notes for each sector which have been prepared by the Government and the EU. Have you checked your sector information?
- Are you and your employees aware of the changes to UK Passport rules for travel to and from Europe?