BREXIT BLOG – NO DEAL TRADING IMPLICATIONS FOR UK BUSINESSES

BREXIT BLOG – NO DEAL TRADING IMPLICATIONS FOR UK BUSINESSES


As you may already be aware, The Government’s aim is to ensure that the UK leaves the EU on the 29th March 2019 with a negotiated deal. The Government must also however take into consideration and prepare for a no deal scenario whereby the UK leaves the EU without a deal. A no deal scenario would not only have an impact on the UK but also on the EU and other Member States.

Your Tax Shop, based in Ashton-under-Lyne, would like to take this opportunity to explain how leaving the European Union without a deal on the 29th March 2019 would have a variety of effects on businesses. The Government aims to minimise disruption and provide certainty to businesses and citizens should a no deal scenario arise. For example, EU hauliers would be able to use their licences in the UK to minimise disruption to businesses that rely on these hauliers to transport goods. Did you know that approximately 8 out of 10 lorries on UK roads is an EU haulier?

A number of the UK’s most critical international agreements have been signed and will come into force on exit day. The Government have also listed steps that businesses and traders might want to consider taking to prepare for the UK’s exit from the EU.

Your Tax Shop, based in Ashton-under-Lyne, advises that if your business is related to any of the following points, the UK leaving the EU will affect your business as there will be the following changes:

  • * Employing EU citizens – Changes to areas include movement of people, settled status and qualifications.
  • * Importing, exporting and transporting – Changes to areas include importing or exporting goods, moving goods across borders, haulage permits, customs and tax.
  • * Operating in the EU – Changes to areas if your business operates in the European Union.
  • * Regulation and standards for products and goods – Changes to areas if you sell physical products or goods in the UK.
  • * Using personal data – Changes to exchanging personal data with another organisation in Europe.
  • * European and domestic funding – Changes to funding for areas include research and higher education, social and structural development and sector-specific funds.
  • * Intellectual property – Changes to areas include copyrights, trademarks and patents.
  • * Energy and climate – Changes to areas include energy, renewables, the nuclear industry and regulated carbon emissions.
  • * Public sector procurement – Changes to areas include government contracts.

Want to find out more how leaving the EU will affect your business and how you can prepare? Your Tax Shop, a local multi-award-winning accountancy practice based in Ashton-under-Lyne, advise that you visit the GOV.uk online tool https://www.gov.uk/business-uk-leaving-eu. Stay tuned for Your Tax Shop’s other upcoming Brexit Blogs to find out more information on the UK’s departure from the European Union!