The Institute of Chartered Accountants in England and Wales (ICAEW) have published a quick-start guide, which outlines a variety of areas that could impact your business, to help you prepare for Brexit.
While there is still no certainty around what Brexit will mean, businesses that sell to and buy from the EU need to have contingency plans in place that are sufficiently flexible to cope with a variety of possible outcomes. ICAEW’s checklist covers the areas that should be considered. These considerations reflect “no deal” being reached, but may also be relevant in other scenarios.
10 questions to ask:
- 1. Where will you get more cash, if you need it?
- 2. What help do you need to access potential new markets?
- 3. Have EU/EEA/Swiss-national employees registered for the settlement scheme?
- 4. How would additional customs duties affect your sales and supply chain?
- 5. Are you ready for customs? Have you got your EORI number?
- 6. Have you registered for simplified import procedures?
- 7. How will your principal contracts be affected by Brexit?
- 8. Do you receive personal data from the EU/EAA?
- 9. How will changes to VAT affect you?
- 10. Do your corporate reports reflect Brexit risk?
There is also a handy business tool on www.gov.uk/business-uk-leaving-eu to help you find out:
- what your business or organisation may need to do to prepare for Brexit
- what’s changing in your industry
- information on specific rules and regulations
All you need to do is answer 7 simple questions to get guidance relevant to your business or organisation.
Should you have a tax-related enquiry or wish to discuss anything mentioned above in more detail, please contact a member of our tax team on 01904 655202 or email us at email@example.com.