Preparing your business for Brexit

Hillier Hopkins LLP

Chartered Accountants & Tax Advisers

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As you will doubtless know, at last there is some certainty surrounding Brexit. The reporting indicates: “we now know that we may or may not leave the EU, and it may or may not be on 31st October or 31st January or some other time, and there may or may not be a deal. If there is a deal, it may or may not have a variety of consequences depending on its terms.”

With such levels of uncertainty, we do agree with the Government about one thing: your business must do what it can to prepare. Knowledge is power and the best source of information about the consequences of Brexit is available free on the UK Government web-site https://www.gov.uk/business-uk-leaving-eu

Even if you have no business outside of the UK, your supply chain, employees and customers may be affected by leaving the EU. It is therefore important that you do take the time to consider what the impacts may be. This website allows you to tailor the information to your circumstances, and provides access to the government’s impact assessments according to sectors and circumstances.

In addition to the information website, HMRC are providing guidance by way of webinars. Their latest “Getting ready for Brexit” webinar is detailed here.

If you are concerned about anything or would like to discuss any issues get in contact with Ruth Corkin our Brexit guru on ruth.corkin@hhllp.co.uk or 03300243200 and she’ll be happy to help. 

The more you prepare for this, the easier any transition will be. With so many unknowns, no-one can predict every possible outcome, but the tools provided by government are your best source of understanding how leaving the EU might affect you.
 
Here are some additional links which you might find useful: 
Flowcharts for import and export processes after Brexit 
Agent Update – Brexit Edition

Do you need extra information?
Ruth Corkin

Ruth has been involved with VAT for over 30 years. She started her VAT career as a Customs and Excise Officer in Essex and then moved into consultancy with a variety of well-known accountancy firms. She is well known in the VAT world and is the proud author of many articles and technical works.

Contact Ruth at ruth.corkin@hhllp.co.uk or on 01908 713 860