What affect will Brexit have on your business? It will happen sooner or later (later looks more likely and you will need to be prepared! This post wil help you out…
The dreaded word BREXIT has been lingering in the air for some time now (we can sense our eyes rolling!) and even if you’re against it we are afraid there is no getting away from it. Putting all the jargon, debates and arguments aside here at Hammond & Co we know that Brexit will have some implications on businesses. We have gathered some keys areas of business which may impact you and remember if you have concerns regarding your accounts & finances our specialist team at Hammond& Co are here to help.
Some businesses are already experiencing changes within the labour market. Brexit may cause cost and availability of certain supplies and goods to increase substantially. We know this is a big fear of many organisations so it is imperative you are aware of your costs and look at all options. Go back to the drawing board, look at your business and look at ways of changing areas which could feel the heat from Brexit.
There is some more advice here about Business & Brexit: https://www.parliament.uk/business/publications/research/eu-referendum/business-economy-and-finance/
Importers & exporters will feel some strain and may need to be mindful of additional administration and increased costs. You will need to make sure you comply with all new tariff & trading requirements. There will be no getting away from such effects so its key to be prepared right from the off.
Trade arrangements will be effected and this is because new UK regulations will more than likely replace those once set by the EU law. So there will certainly be an air of uncertainty which all businesses need to be aware of.
Get more information from Government officials here: https://www.gov.uk/brexit?gclid=EAIaIQobChMIwavEkJmv5QIVTbDtCh3J4An8EAAYASAAEgJl4_D_BwE&gclsrc=aw.ds
There could be additional requirements imposed for EU citizens working in the UK and UK citizens whom work abroad. This may affect working, residency and travel. Be aware of your position and what will be required of you.
More info on travel and Passports here: https://www.gov.uk/guidance/passport-rules-for-travel-to-europe-after-brexit
Sadly supply chains may be affected, this will show strain within tariffs and country of origin regulations. We are not saying business will come to a halt, it just means you may find yourself paying more and having to do meet certain requirements, so preparation is key here so business can carry on as normal.
There more likely will be a change in sources of funding and this is due to EU funding likely to cease. So funding within certain sector may be effected and you will need to know if this will impact your business and what options you have.
Businesses who are reliant on cross-border transit may find they have additional hurdles, again find out does this affect you and what options will you have.
Upon UK’s exit from the EU businesses will need to apply for separate UK trade marks & designs as well as EU, as existing rights will be impacted. Find out now how this impacts your business and what you will need to get in place.
Our friendly, professional team here at Hammond & Co knows the world of business very well, we offer many services and one which has proved popular is our business advice which can help ease your accounting worries. Brexit has bred some anxiety in many of us and that is natural but we are here to support you as a business, we can take away stress and strain just get in touch and let’s discuss the effects of Brexit on your business -. https://www.hammondbusiness.co.uk/business-advice/
If you have any questions or you're ready to make a start, just send your number and we'll call you.