Brexit - what your business can do now

17/01/2019

We still don’t know what form Brexit will take when the UK leaves the EU at the end of March. But there are still some steps businesses can take now to prepare, says FBC Manby Bowdler Brexit Director Peter Wilding.

If anybody tells you they know what shape Brexit will take when and if it finally happens, ignore them. Nobody does. And even though the deadline is now just 71 days away, it’s still far from clear when exactly we will know.

This lack of clarity has been particularly damaging for business – but it does not mean that there are not things your business should be doing now to prepare for life after Brexit.

Start with making sure your own house is in order. Take a business-wide audit to examine just what areas of your operation will be affected by Brexit.

If you have EU workers on your payroll, do they know what steps to take to ensure they are registered to remain in the UK? Have you considered ways in which you can help to retain skills and labour you have already invested time and money in?

If you export products to Europe – or import raw materials from the EU – have you started to think about what you might need to do to continue to do so after March 29? If you export to non EU countries, are you ready to use the same procedures for sending goods to Europe if necessary?

Nobody knows yet what might happen at border controls and what extra delays may occur as a result of Brexit. So now is a good time to stress-test the resilience of your logistics operation and see if you need to consider any new arrangements.

It’s also worth getting legal advice on existing contracts to see if they need to be reviewed, considering which currency it makes most sense to be paid in and reviewing the tax and VAT implications of what lies ahead.

And remember, you are not alone in going through this process. Here at FBC Manby Bowdler we have a stellar team of experts who can help you take control of your business whatever the politicians decide.

If you would like to contact Peter to discuss any of the above please contact him on 07901 008220 and p.wilding@fbcmb.co.uk.

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