The Brexit Checklist: Preparing your business for the end of the transition period

posted on October 28, 2020in the Blog Category

The Brexit Checklist: Preparing your business for the end of the transition period

Amidst the cacophony of all things Covid-19, one might be forgiven for forgetting that in just over two months, the UK’s trading relationships with the world change overnight. Depending on whether a deal with the EU is reached, the change could be drastic.

Whatever happens, December 31st looms close and businesses need to be acting now to ready themselves for a different future.

Obviously, until we have a clearer picture of our future relationship with Europe, there are limits as to what businesses can be doing, but changes are going to be likely across:

  • How businesses provide services within the EU
  • How goods are moved across the border
  • Data protection requirements
  • Immigration status of workers

In line with our commitment to providing as much support as possible to our customers, MBL has compiled a set of key actions you can be taking now to prepare for the road ahead and perhaps even identify new business opportunities.

Keep checking the gov.uk transition checker tool

This should be your first action and the tool should be used regularly between now and December 31st. Upon accessing the tracker, you will be asked a series of multiple-choice questions across a range of categories. Once each category has been filled, the tracker will generate a list of tailored actions for you to address.

There is also a feature which allows visitors to subscribe to notifications and alerts as guidance changes and is updated.

The transition checker can be accessed here: Transition Checker Tool

 Access sector specific materials

To further educate the business community on the evolving situation, the Department for Business, Energy and Industrial Strategy (BEIS) has prepared a series of sector specific UK Transition business materials.

The toolkit groups key messages and downloadable assets across ten business sectors. Having selected your industry, you will be provided with an inventory of resources and social media to accounts to follow for breaking developments.

If your business spans multiple sectors, or there isn’t a sector specific page relevant to your business, there is also a general messaging section.

The sector specific toolkit can be found here: Sector Specific Toolkit

The general business section can be found here: General Business Section

Visit the ICAEW Brexit Hub

The Institute of Chartered Accountants in England and Wales (ICAEW) have a page on their website dedicated to keeping visitors updated with ongoing Brexit developments.

The page contains a range of resources to help businesses prepare for the end of the transition period and ensure they can adapt to the new environment in 2021.

Access the ICAEW Brexit Hub here: ICAEW Brexit Hub

Keep abreast of developing trade agreements

As far as possible, the UK government is attempting to maintain frictionless trade continuity with existing Non-EU partners as well as negotiating new FTAs.

The government website contains a page with details of new and altered trade deals. Visitors can access this page and examine the specifics of the deals with those countries they have business interests with.

Find details of new and existing trade deals here: New and existing UK trade deals with Non-EU Partners

The time to act is now

The UK government has confirmed that the transition period will not be extended beyond December 31st.

It is critical that you remain up to date with all developments between now and then and begin making the relevant changes to your business where appropriate.

As ever, MBL are here for our customers should they wish to discuss any aspect of how their business may be affected.

 

 

AvatarWritten By: MBL Marketing

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