Brexit to-do list: how to prepare for post-Brexit business with the EU

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rrespective of the agreement reached with the EU, businesses in the UK need to take action to prepare for the end of the transition period on 31 December 2020.

The most immediate and significant changes will be to:

• how goods are moved across the border

• how businesses provide services in the EU market

• the immigration status of workforces

• data protection requirements

Gov.uk transition checker tool

The key first step in determining what actions a business may need to take is to use the transition checker tool available at https://www.gov.uk/transition. This will generate tailored advice and a personalised list of actions for businesses to take by 31 December 2020. There is also an opportunity to sign up for alerts and updates as the guidance continues to be updated.

Sector specific webinars

In addition, the Department for Business, Energy and Industrial Strategy (BEIS) has prepared a series of sector specific UK Transition business webinars that you can access on demand. These will assist in understanding the new rules and changes that need to be made.

Trade agreements

The UK Government is seeking trade continuity agreements for existing trading partners as well as negotiating new free trade agreements. Further detail on these agreements is available at https://www.gov.uk/guidance/uk-trade-agreements-with-non-eu-countries

10 questions to ask yourself as a business owner:

• 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? VAT and customs duty requirements from 1 January 2021

• 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?

If you would like to chat through any of the above questions with us then please arrange email hello@bluearrowaccounting.co.uk