With less than a year to go until the UK leaves the EU it is important for all businesses to start reviewing the impact which this huge change will have on their businesses.

Although political uncertainty about the final position continues, the timescales mean that practical considerations now need detailed review.

The most immediate impact will be for businesses which buy or sell goods with EU suppliers or customers.

The transitional arrangements due to come into force after March 2019 may mean that there is little major change until 1 January 2021, but it will not be clear for some time whether this will be the case.

Businesses should therefore start assessing the impact of leaving the EU and taking any steps required to ensure that they can continue to operate effectively once the changes take place.

Brexit issues

UK businesses most likely to be affected and which should be giving priority to a review of the impact of Brexit are as follows:

  • selling online to private consumer customers in the EU where sales are fulfilled from stock held in the UK
  • purchasing goods from EU suppliers for delivery to the UK – there is a potential cashflow cost as a result of the likely imposition of import VAT
  • holding stock in other EU member states, or involved in triangulation with other EU member states
  • having a complex supply chain including moving goods to other EU member states for processing, packing etc.

Over the next few months we will be circulating more practical insights on Brexit and exploring the impact it might have on your business.

In the meantime, if you are concerned about the effects of Brexit on your business and would like to speak to us, please contact Wendy Andrews on 01392448800 or wandrews@bishopfleming.co.uk.

 
 
 

Related Services & Sectors

 

Brexit advice

Preparing to leave the European Union

Read More

Business Tax

Keeping your business moving.

Read More
 
 
The logo for Kreston International British accountancy awards finalist 2016 logo ICAEW logo Sunday Times Top 100 Best Companies 2018 logo Cyber Essentials plus logo