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Brexit: how small businesses can prepare

Brexit: how small businesses can prepare

The road to Brexit hasn’t been the smoothest journey for small businesses so far and as the new year approaches, there are a number of new rules for businesses on the horizon. Despite some remaining uncertainty surrounding the details of Brexit, we know that the UK’s transition period for leaving the EU will officially end on 31st December 2020 and will not be extended.

As a result, your business may need to make a few changes from 1st January 2021 onwards. Most of these changes will need to take place regardless of the agreement the UK reaches with the EU on its future relationship because the UK will definitely be leaving the single market and customs union.

If any of the following conditions apply to your business, you’ll need to make sure you comply with any relevant new rules from 1st January:

  • If you sell goods to the EU then you must prepare for new customs procedures.
  • If you travel to the EU for work purposes, you will need to check if you need a visa or work permit and then apply if necessary.
  • If you employ overseas nationals, you will need to prepare your business for the implementation of a new immigration system.
  • If you run a UK business that receives personal data from contacts in the EEA, you may need to take extra steps to ensure that the data can continue to flow legally at the end of the transition period.
  • If you provide services in the EU, you must ensure that your qualifications are recognised by EU regulations in order to be able to practise or service clients in the EU.

Every business will have different rules to comply with, so the government has created a handy tool to help you identify the actions that your business needs to take. As January is rapidly approaching, we’d strongly recommend that you find out what your responsibilities are as soon as possible.

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