Brexit impacts everybody living in the UK. However, small businesses have always faced an immediate requirement to adapt because free trade in both goods and services across the European Union (EU), as well as the free movement of employees, are set to change.
An earlier Sage survey showed respondents cite as important a need to know how Brexit will impact tax and duty reporting, safety standards, personal data, the free movement of people, and the free movement of goods – among other things.
How will impact small businesses?
In broad terms, and outside of niche industries such as farming or medical research, the following areas of business will likely have to be examined and potentially revised once the UK leaves the EU.
This is largely because the UK will no longer recognise institutions that oversee these areas, or will no longer be a part of the EU free trade area:
- Import and export of goods and services to and from EU countries, including associated VAT payments and (potentially) custom and excise duties.
- Employment of EU citizens in the UK, and UK citizens in the EU.
- State aid, including grants and block exemptions.
- Transport and logistics, including fulfilment.
- Product safety or eco-compliance, including packaging and labelling that references EU licensing.
- Copyright, trademarks and patents.
- Environmental industrial standards, including emissions.
- Transfer of personal data between the EU and UK.
- Mutual recognition of qualifications and relevant licences (including audit, banking and insurance licences).
Is your business ready for Brexit?
If the UK leaves the EU without a deal then businesses will have little if any time to adapt, which is why it’s important to start planning and putting in place measures immediately, if you aren’t already.
There are virtually no businesses in the UK that won’t affected by Brexit. The question is one of degree and all businesses should examine their processes. Every business should discover how Brexit will impact them in order to revise existing processes and plan any necessary changes (including contingency plans for the Brexit transition period). As the negotiations continue, Brexit continues to affect business confidence both in the EU and UK, with both positive and negative swings.
Need help getting your business ready for Brexit? We’re here and ready to support you to make the necessary changes for your company. Please do get in touch with our expert team of chartered management accountants in Chester. Contact us at 01244 421206 or email us at enquiries@prosperbailey.com