18th November 2020

Is your business ready for Brexit?

With the deadline fast approaching, the UK is getting ready to (finally) Brexit and leave the European Union.

The new, non-EU rules will come into place on 1 January 2021 when the UK leaves the single market and customs union. It’s vital businesses that will be affected are up to speed with the changes ahead of this date.

The UK government has created a checker tool which identifies the actions businesses need to take in preparation for Brexit. Go to gov.uk/transition and start the questionnaire now. After you’ve answered all questions, you will be advised of any changing regulations that could affect your business operations next year. These regulations could change any day depending on whether a trade agreement is reached between the UK and the EU.

From 1 January 2021, changes will take place to the following:

  • the way businesses import and export goods;
  • the process for hiring people from the EU;
  • the way businesses provide services in EU markets.

You can sign up to updates on the Brexit transition. PSF Accounting recommends you do this to ensure you keep informed about changes affecting your specific business sector.

The government has been hosting sector-specific webinars providing additional support and explanation of upcoming changes, for example on the Retail, Consumer Goods or Automotive industries. Click here to view past webinars on demand, or sign up to receive notifications of upcoming events.

Brexit doesn’t need to be a scary word for your business. Use the above tools and support to stay informed of what’s to come so you can be fully prepared on 1 January 2021. You may want to check with your suppliers and customers that they are also taking action.

As always, PSF Accounting is here to support you with your business’s financial needs.