With 2020 having been dominated by Covid-19 and its implications, preparing for Brexit has taken a bit of a back seat. And yet, come the end of the year, when the transition period ends, there are some significant implications for all businesses.
Key things you need to be aware of and act on include:
- Reviewing your contracts, terms of business and payment terms – they may no longer be relevant.
- Changes in travel and visa requirements which will affect any travel to the EU, EU nationals or UK nationals living overseas.
- Changes in tariffs, import VAT, insurance and VAT registration plus the need to register for an EORI (Economic Operators Registration and Identification number) for businesses that import or export goods, either as sales or in their supply chain.
To help our clients prepare for Brexit, we have produced some helpful materials including:
>> Preparing for Brexit: A Guide for SMEs (including helpful links to tools and further resources); and
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. SMEs need to act now to ensure there is no disruption to their business.
We are here to help
2020 has been a tough year. The next few months have additional challenges for all businesses as we continue to grapple with the effects of Covid-19 and with the end of the Brexit transition period. We are here to help.
If you would like to have some one-to-one tailored advice and guidance, please do get in touch.
The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.