The UK has left the EU
With Britain’s exit from the European Union, businesses will need to assess their own exposure and any potential impact from a new trading relationship. Negotiations on the future trading relationship are currently taking place, and the transition period ends on 31 December 2020. However, the UK could still leave without a trade agreement (in parts or in full) at the end of the transition period. The uncertainty means businesses should undertake relevant scenario planning and take necessary steps to protect its business.
No trade deal would affect matters such as:
- Customs/duty (if applicable) being paid on goods when importing
- Different VAT procedures/application to a third-country/non-EU country
- Businesses may change from distributor to importer
- New immigration rules as the freedom of movement seizes
For information on specific challenges and information for your respective sector or industry, you may find specific trade bodies a useful resource, as many of them provide Brexit guidance and advice tailored to your business’ specific needs. The UK Government’s “Keep Business Moving” portal will continually be updated with useful information as the negotiations progress and new information emerges.
Do contact the Chamber if we can help guide you in the right direction, we are very happy to help.