It looks increasingly likely that we are heading for a no-deal Brexit. Taken literally, this means that our present relaxed trading relationship with customers and suppliers in the EU will cease at the end of October this year.
Whilst there will be attempts to ease customs congestion and the effects of new tariffs, now is not a good time to sit back and see what might happen.
Many companies have already started a formal risk assessment to clarify how their supply lines and costs would be affected, and this is a process that we would recommend that all businesses consider, and as soon as possible.
Even if your business has no direct trade with the EU, many of your customers and suppliers will, and this indirect linkage will have ramifications for your sales and costs post Brexit.
Trying to double guess the antics in parliament is a seemingly fruitless endeavour. If we are going to survive the disengagement with the EU it would be wise to join the ranks of those businesses that are planning for all eventualities.
If you are still unsure how to proceed with a formal review of your Brexit planning, please call, we can help you consider your options.
- More time to file tax returns and pay tax due - January 13, 2022
- Are you registered to use MTD for VAT? - January 11, 2022
- Don\’t forget to declare COVID-19 grants - January 6, 2022
- Will your earnings exceed any of these amounts in 2021-22? - January 5, 2022
- Tax Diary January/February 2022 - January 4, 2022
- January is tax payment time - January 4, 2022
- Time to dust-off those online shop plans? - January 4, 2022
- Lockdown survival tactics - January 4, 2022