Brexit, which has been delayed twice now, has an approaching deadline of January 31st 2020. Regardless of whether a further extension will be proposed or if we will Brexit this January, it is crucial that you have considered the possible implications Brexit could have on your business.
With 3 possible out-comes (deal, no-deal and abrupt Brexit) for Brexit, it may seem difficult to prepare; however, it could be simpler than you think. With the exception of an abrupt Brexit, regardless of deal or no deal, there would be a transitional period in which the UK would be bound by EU laws; remain in the single market and customs union.
There are many unknowns about the post-transitional period; however, here are some implications you should be considering.
Right to Work
Consider whether your staff in the UK and EU will have the right to work should Brexit negotiations not go as expected. EU staff can apply to for temporary leave to remain in the UK until January 1st 2021 – the deadline to apply is December 31st 2020. The same conditions are expected to apply to British citizens working in the EU.
EU Laws and Regulations
Many of our laws and regulations are EU laws and regulations. Once the transition period has ended changes to individual regulations should become clearer. For now, remain compliant with the current system and stay alert for key changes after Brexit starts.
Import tax and custom charges are likely to change once we leave the European Union. You should ensure that you have accounted for increased costs in the price of your goods. Double taxation agreements may also change under new legislation.
For advice on how Carrington Blake Accountancy can help your business during the transitional period, give us a call on 0207 537 6628 or complete our contact form.