While you’re most likely sick of hearing about it, it’s important you’re aware of the impacts of Brexit upon your business and the way that you trade. The week, the EU agreed in principle to extend Brexit until 31st January. But how will a Brexit extension affect your business?
The current state of Brexit
What happens next with Brexit will be determined by the outcome of the General Election on 12th December. Potential outcomes include implementing the existing Brexit deal the Prime Minster has negotiated, carrying out another referendum, a no-deal Brexit, or, cancelling Brexit altogether. Whatever the result, one thing is certain, business in the UK face another three months of uncertainty.
A known unknow
Despite the uncertainly surrounding Brexit, one thing is for sure; it will affect everyone in the UK in a variety of ways. To be prepared for the new 31st January deadline, you must ensure that you keep up to date about Brexit developments, both political and economical. For more information on this, and how to prepare your business, visit the Governments website.
Areas that are likely to be affected by Brexit
Aside from potentially affecting your supply chain, your tax and VAT arrangements as well as your customer base, there are three areas that are likely to be affected when the UK leaves the EU.
Medicines and equipment that are more specialised may become harder to get hold of. If, as a business owner, you’ve replied upon workers from abroad you could find that new economic circumstances make make this unviable.
Brexit will bring a range of logistical issues when it comes to transport, along with new licensing and insurance problems.
Imports and exports
Changes with imports and exports are inevitable and unavoidable when it comes to Brexit. Trade tariffs may soon apply to your business, and VAT, licensing and other regulations are likely to change.
However, it’s not all doom and gloom. Brexit may encourage some business owners like yourself to looks for new niches and in turn open themselves up to new markets. As the age old saying goes, ‘fail to prepare and prepare to fail’ and this couldn’t be more true when it comes to Brexit. Be as prepared and as agile as you can be, and you’ll weather the Brexit storm.
We hope that you have found this ‘How will a Brexit extension affect your business’ blog useful. If you have any questions get in touch here.