Is your business ready for Brexit?
(Last updated Nov 2020)
The UK has now left the European Union and has entered the transition period until December 2020. Brexit will affect everybody living in the UK. Businesses will need to adapt, as free trade in both services and goods across the European Union (EU), as well as the free movement of employees, are about to change.
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The UK has now left the European Union and has entered the transition period until December 2020. For the duration of the transition period, you will be able to operate in exactly the same way you currently do. The way you trade and hire staff will not change. During the transition period, the UK and EU will begin negotiating a new trade deal and other new arrangements to come into effect after the transition period ends in December 2020. We will continue to update our blog posts as these negotiations progress, to distill the complexity of the political process and assess what the developments in the Brexit process mean in practical terms for businesses. We will do our best to ensure that we are providing information and guidance to our clients and to give them an idea of what arrangements they could face after the transition period.
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A No-deal Brexit is seen as a very likely outcome. The Confederation of British Industry (CBI) recently issued an announcement about this possibility:
It is essential that individuals and companies aquaint themselves with how Brexit will affect them, impact tax and duty reporting, personal data, safety standards, the free movement of people and the free movement of goods – as well as numerous other things.
This article briefly addresses the most frequently asked questions concerning Brexit that may help in the transition process for you and/or your organisation.
It outlines the following key points:
- What exactly is Brexit?
- When will Brexit happen?
- How will Brexit affect trade and how will Brexit affect me/my business?
- How long will it take for me/ my business to prepare for Brexit?
- What key issues does Brexit cause for businesses?
- I employ EU staff. Will I still be able to employ EU citizens after Brexit?
- After Brexit, what business laws are changing?
- What revisions and changes do I need to make during the transition period and after Brexit?
- My clients are UK based but my business is not based in the UK or EU. Will I still be affected by Brexit?
- How will Brexit affect rules governing the GDPR?
- Will financial markets be affected by Brexit?
- Can VA-UK help me prepare for Brexit?
To read the full article download the PDF here (13.5 min read)
How can VA-UK help me prepare for Brexit?
VA-UK has project teams who are focusing on preparing for implementations influenced by Brexit, whatever the outcome.
These include a programme of work designed to ensure all areas of our business and products will be ready for Brexit, irrespective of whether a withdrawal agreement is reached.
VA-UK places a high level of importance on legal compliance and clients can trust that VA-UK will address Brexit with the same attention and focus as is customary.
Here are some of the benefits of a VA vs. an in house PA
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Is your business ready for Brexit?
This article addresses the most frequently asked questions concerning Brexit that may help in the transition process for you and/or your organisation.
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Need help getting your business ready for Brexit?
VA-UK has project teams who are focusing on preparing for implementations influenced by Brexit. We're here and ready to support you.
Resources to help you with your Brexit preparations
While uncertainty remains around Brexit, it’s important to take the steps to get your business prepared as best as possible for any outcome.
To help you along the way, here are series of resources worth using:
FSB Small Business Brexit pack
The Federation Of Small Businesses (FSB) shares information for small businesses on what Brexit means for them, provide tips on a variety of areas including financial issues, and offers advice on how companies can prepare ahead of the UK leaving the EU.
British Chambers of Commerce Brexit page
The British Chambers of Commerce shares research it’s carried out on Brexit preparedness, news updates and analysis, and has created a checklist to help businesses track what they need to do to get ready for Brexit.
Tech UK Brexit Hub
Tech UK offers insights into Brexit, advice for technology companies on how to prepare for a no-deal Brexit and there are series of publications providing details on the implications of the UK leaving the EU.
How will Brexit affect businesses? Final thoughts
There’s no doubt that preparing a business for Brexit continues to be difficult due to the current uncertainty. If the UK leaves the EU, as planned, businesses are likely to face one of their most difficult periods for decades.
In the event of a withdrawal agreement and transition phase being put in place, in all likelihood, the situation isn’t likely to change until the transition period ends and there will continue to be significant requirements for businesses to adapt quickly.
However, as we’ve shown here, there’s a surprising amount of information available to help you prepare. Making good use of it can mean the difference between being ready for Brexit and being left behind.
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Need help getting your business ready for Brexit? We're here and ready to support you to make the necessary changes for your company. |
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