Are you prepared for Brexit?

Industry News | 14.03.2019

Are you prepared for Brexit?

As the uncertainty around the impact of Brexit on business continues, Scotland’s enterprise and skills agencies have developed a dedicated website  Prepare for Brexit which features a Brexit self-assessment tool.  This helps businesses to identify how they might be affected by Brexit, what you can do to prepare and provides an assessment of the risks and challenges of the new economic landscape.  It also highlight areas to plan for, providing tailored recommendations and suggested events, services and support available.  The website is also home to a 15-point checklist, news, articles, access to experts and event listings.  

 

So don't leave it all to the politicians, make sure your business is prepared.  Things to consider include :

  • Businesses that have only ever traded inside the EU will not have an EORI number. Apply for an EORInumber to continue to export and import after Brexit day. 
  • Decide if you want to use a customs agent or Chamber of Commerceto handle customs documentation, or whether you can do this in-house.  If you plan to handle this in house apply for HMRC training grants to upskill your staff and buy the required software.
  • If your business operates across the EU or exchanges personal data with partners in the EEA, consider possible changes that need to be made ahead of the UK leaving the EU to stay compliant.
  • Once you’ve identified the WTO tariffsthat would apply to your products, as well as estimated additional costs (such as delays owing to regulatory checks at borders) and likely currency fluctuations, carry out cash flow projections to assess the need to access additional working capital.
  • Register to use Transitional Simplified Procedures to avoid making full customs declarations for imports at borders, and postpone paying import duties.
  • Speak to your bank in the first instance to discuss flexibilities for existing borrowing and any new borrowing requirements.

More details at Prepare for Brexit

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