It seems at present that there are currently three likely outcomes to the current Brexit situation
· We leave on 31st October with a deal
· We leave on 31st October without a deal
· Parliament somehow blocks “No Deal” – which kicks the can down the road to what? No one knows. Election? New referendum? …
If we leave with a deal there is currently a transition period to 31/12/2020, but if we leave without a deal then we immediately become an external country subject to WTO rules.
So what impact will it have on your business? The British Chamber of Commerce has prepared a Business Brexit Checklist which can be accessed at https://www.britishchambers.org.uk/page/business-brexit-checklist
The Checklist is broken down into
· Cross Border Trade
· Taxation / Insurance
· Currency / Intellectual Property / Contract
While your business may not trade with the EU, that may not be the case for suppliers or customers. If you buy from importers will this affect your ability to source goods, or the price?
If you sell to a Customer that incorporates your product or services into their sales to the EU how will they be affected?
Could the sudden change have a dramatic impact on the financial viability of suppliers or customers?
Many businesses have not started to plan for Brexit are you one of them?
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