Helpful guide summarising key action points to prepare for Brexit
Brexit is looming and will have huge consequences for SMEs. Worryingly, many SMEs are unaware of some of the changes, partly due to COVID19 dominating the news. As an example, are you aware that your business’ terms and conditions may no longer be relevant? If you import or export goods there are steps you need to take to ensure that you will continue to be able to do so.
2020 has been dominated by headlines associated with COVID19, and Brexit has, until recently, taken a backseat. However, at the end of the year, there are some significant implications for all SME businesses when the transition period comes to an end. To ensure you have the information and support you need to help you prepare for trading in 2021 we have put together a guide with 15 action points.
- Check your terms and conditions – text in your contracts, terms of business and payment terms may no longer be relevant.
- Travel and visa requirements – these may affect any travel plans
- Taxes – tariffs, import VAT, insurance and registration in the EU
- Import/export – you need to register for an EORI (Economic Operators Registration and Identification) number.
To avoid any disruption to your business come January, you must act now. Planning is essential, preparing a cashflow forecast will help you to know how much money the business needs, and when and from where you will be able to access funds.
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There is no doubt that 2020 has been trying for everyone, and the next few months will be no different. Please contact us if you have any concerns or require our assistance.
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