How will Brexit affect my business?
Well it’s the big day tomorrow, where everyone will be taking their polling cards and voting. Now I am not one to follow much on politics, it has never been something that interests me. However, I felt it only right to research how Brexit will affect the UK especially small businesses. As with anything I research to do with the small business, I always like to pass my findings on to you all.
So, BREXIT where do I start? There are a number of Brexit questionnaires online you can take to see if your business will be affected. I have also found this great checklist from the British Chambers website in PDF format. Link below
I have also found useful information on the gov.uk website for everyone based in the UK. Link below
3 Questions I want to ask about Brexit as a business owner:-
1. What is Brexit? - In a referendum on 23 June 2016, the UK electorate voted to leave the EU. Negotiations are under way between the UK and EU governments to decide how the movement of goods, services, people and capital across the UK/EU borders will be processed following Brexit.
2. When does Brexit happen? - The UK officially leaves the EU at 11pm (BST) on 31 January 2020. However, there are two extenuating provisos when it comes to the regulations businesses operate under:
a. Most EU laws applying to the UK will still apply because they will become “retained EU law” as part of the European Union (Withdrawal) Bill (with necessary modifications to remove references to, or reliance upon, EU institutions).
b. If there as an agreement between the UK and EU then a transition period will follow, during which some EU regulations will still apply to the UK. This is intended to ease the impact on businesses and create an orderly exit from the EU.
3. How does Brexit affect trade and how will it affect my business? - In broad terms, and outside of niche industries such as farming or medical research, the following areas of business will likely have to be examined and potentially revised once the UK leaves the EU.
This is largely because the UK will no longer recognise institutions that oversee these areas, or will no longer be a part of the EU free trade area:
a. Import and export of goods and services to and from EU countries, including associated VAT payments and (potentially) custom and excise duties.
b. Employment of EU citizens in the UK, and UK citizens in the EU.
c. State aid, including grants and block exemptions.
d. Transport and logistics, including fulfilment.
e. Product safety or eco-compliance, including packaging and labelling that references EU licensing.
f. Copyright, trademarks and patents.
g. Environmental industrial standards, including emissions.
h. Transfer of personal data between the EU and UK.
i. Mutual recognition of qualifications and relevant licences (including audit, banking and insurance licences).
There are more questions that need to be asked as a business depending on your trade, but I feel right now they are the main ones specially if you’re like me and politics is not a strong point. I am researching more into this as I need to make sure I am clear on how things change for my clients also. Part 2 of Brexit and how it will affect my business will follow in January 2020, with more questions we need to be asking.