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How to prepare your business for Brexit
Brexit is a source of uncertainty for everyone in the UK, especially for businesses. To ensure your business is prepared for the UK’s exit from the EU, we’ve created a guide that outlines the potential impacts on your business and how to tackle them.
Ways Brexit will impact your business
- Wider marketplace prices and availability could change: Costs and availability of certain suppliers and goods may change for the worse.
- A potential period of legal uncertainty: As new UK regulations are likely to replace EU law, this could mean new future trade arrangements. This legal uncertainty could see an increase in wholesale prices.
- Supply chain issues: Where goods contain parts from multiple sources, rules around the identification of country of origin may change. This would cause supply chain issues and could increase the price of goods.
- Additional trading regulations and costs: Importers and exporters may need additional measures in place to comply with additional administration and to pay additional tariffs.
- Staff and employment requirements may change: EU citizens working in the UK and UK citizens working abroad may face additional requirements for work, residence and travel.
- Sector funding changes: Any EU funding is likely to stop, which means funding for certain sectors such as TV production, will change.
- Cross-border trading issues: Businesses dealing with or dependent upon cross-border transit may face additional regulations and costs.
- Issues around brand names and designs: Rights around trademarks and designs may change. This means rights holders will need to apply for separate UK trade mark and designs, as well as EU rights once the UK has exited the EU.
How your business can tackle these Brexit issues
The main issues your business will face is an increase in bills and costs of goods. So the best advice we can give is to make savings where you can and improve the efficiency of your workforce.
To help you do this, the government is investing in apprenticeship programmes, as well as research and development. For information on how to claim funding for research and development, and how this can grow your business, read our research and development tax reliefs article.
Another way to help you make savings is by keeping on top of your business utilities. To help you with this, we’ve created a Do It For You service that ensures you’re always on a great price. Find out more on our Do It For You service page.