With a considerable amount of uncertainty surrounding Brexit plans for the future in the United Kingdom, business planning seems to be an impossible task in the current climate, particularly for businesses that buy and sell from EU countries. The major difficulty comes from trying to implement a contingency plan that is flexible enough to cope with the various potential outcomes of the Brexit deal.
The Institute of Chartered Accountants (ICAEW) have developed a checklist which covers the basics on what businesses will need to be considering in their Brexit planning, in terms of movement of goods, financial planning, people and employees, contracts and product compliance. There is also a useful resource section and guidance on the difficulty with supply chain mapping to help you plan for business changes and maintain control over your exporting and importing options and the costs involved.
An update from Department for Business, Energy and Industrial Strategy
The government is taking the necessary preparations to get ready for the UK's exit from the European Union, making sure businesses have the information they need to ready their business for any changes that may happen. There are regular updates with research institutes, businesses and trade representative groups to put forward their priorities and concerns, and further preparation details can also be found here.
Her Majesty's Government have also produced a website, 'Brexit Deal Explained' to help businesses understand what the Brexit deal will deliver, including a 60 second video which takes you through the basics.
The GOV.UK website has collated some general guidance on Brexit changes, which includes the latest announcements, negotiations and policy changes relating to the EU Exit.
What happens in the event of a 'No Deal'?
The possibility of a 'no deal' Brexit is still in contention, and many are now asking 'what does this mean for my business'? This partnership pack has been offered to support businesses from the very beginning, if the 'No Deal' Brexit is to go ahead. The easy explainer pack will help you to navigate the possible ramifications resulting from a 'no-deal' scenario including customs, tax and regulation changes which could arise.
Leaving the EU - Advice for SMEs
The Department for Business, Energy and Industrial Strategy has created a digital and print-optimised support leaflet that provides general signposting advice and key considerations that SMEs may need to undertake for EU Exit. The digital version can be viewed online here
What do we need to know?
The European Commission have put together a guide for 'Seven Things You Should Know' about Brexit, prior to leaving the EU at midnight on 31st October 2019, which you can download below.