Brexit seems to have taken a back seat because of the pandemic, but now that the UK has finally left the EU with a trade deal, what will the impact of Brexit on businesses?
It’s official, the UK is no longer a member of the EU. It has never been more critical to consider how the rapidly changing political environment will impact your business
In short, every industry is affected by Brexit due to the potential economic impacts and manpower issues.
What issues is Brexit ceasing for UK businesses?
How Brexit affects business will be different across the board. Every organization faces different challenges when it comes to the UK leaving the EU, but there are some key challenges that we all need to address.
Customs and tariffs
The future trade agreement between the UK and the EU will be essential to the economy post-transition period, therefore affecting all businesses. This is especially true for those who trade physical goods as opposed to services. It is worth considering a review of possible tariffs, ensuring paperwork is in order, and making sure business is read for VAT changes.
It is important to review your supply chain for any potential challenges which may impact the importing and exporting of goods. This may include finding alternative suppliers or intermediaries such as freight forwarders.