Bevis Wright Accountant

The Prime Minister has set the deadline for the EU Council Meeting for securing a deal as Thursday October 15, which is only 2 days away.

When discussing how Brexit will affect the UK, he has said a Brexit deal is “there to be done” but has insisted that Britain could prosper without one, despite a “tough winter” of Coronavirus restrictions ahead.

When asked what would happen if the UK and EU failed to strike a trade deal by the end of the transition period in December, he said: “I don’t want the Australian-WTO type outcome particularly, but we can more than live with it.”

He has made it clear the UK will walk away from talks if there is still no agreement after tomorrows last round of talks. With France and Spain threatening to veto any deal not allowing access to fish in UK waters the next 24 hours of negotiations will be critical as to the final outcome.

Germany’s Chancellor Angela Merkel, who currently holds the position of the EU’s presidency, has admitted there is more at stake than a year ago and that a deal is needed more than ever before. 

An analysis by Make UK and Santander shows that manufacturing remains central to the success of the economy overall, accounting for two thirds of overall R&D, 45% of exports, 15% of business investment and output of £192 billion. And despite the recent turbulence, the UK remains the ninth largest manufacturing nation in the world. 

So what does this mean for you and how can your business be prepared?

Preparing your business for BrexitThe principal key action that any business can take is to review the guidance made available by the UK government. The level of documentation available has increased rapidly over the past few months, and alongside this, a questionnaire is available to supply all relevant notes and actions. You can find the questionnaire here.

People You will need to check entry requirements for any business travel to EU countries here. Also, if any of your employees  are EU citizens, or were born in the UK but are not British citizens, you will need to check whether they are eligible for settled/pre-settled status here.

Imports and exportsAs it stands, trade between the UK and the EU is based on agreements that allow free movement of labour, goods, services and capital. This means managing supply chains across the UK and the EU has been relatively straightforward. Many UK- and EU-based companies have built up high velocity complex intra-EU supply chains, accessing innovations for their business while benefiting from there being no tariffs, low costs in moving goods across borders and limited border delays. These beneficial characteristics may not apply if the UK is no longer part of the EU.
View some resources to help you prepare for Brexit 

Mitigate the riskDisruptions and vulnerabilities can be highly damaging to both reputation and profits. Although we don’t yet fully know how Brexit will affect the UK, to successfully mitigate the risk to the business, organisations need robust processes to identify and successfully manage impending supply chain disruptions. Find out how you can do this here.

If you have any questions on preparing your business for Brexit, please get in touch with us on 024 7667 3160 or email info@oldfieldadvisory.com.