Trade with the EU is changing. Are you ready?

Thursday November 19, 2020

Is your business braced for Brexit? If not, this is your last chance to get prepared. With about a month to go before the full impact of the UK’s departure from the EU kicks in, businesses all over the country have been nervously waiting for the other Brexit Boot to drop. From the 1st of January 2021, the formal transition period is over and there’ll be new rules to follow for trading with the EU. Here’s how to prepare:

  • Understand what’s changing It sounds obvious, but if you’re going to play the game you’ve got to know the rules. Whether you’re bringing goods in from or shipping them out of the EU, the playing field’s going to look very different after the 1st of January next year. Getting tangled up in the new systems will at least mean delays – and things could get a lot worse if you’re not following the new customs rules.
  • Get set up for overseas employees With the laws on taking on overseas workers changing, you’ll need to get registered as a “licensed Visa sponsor”. Basically, this comes down to making sure that everyone you employ is working legally in the UK. Without that licence, you’re going to find it a lot tougher to take on workers from abroad. Make sure you understand how the rules on minimum pay and language work for non-UK employees, too.
  • Don’t forget Northern Ireland Whether your goods are going into, out of or through Northern Ireland, you’ve got some new rules to follow. You can get the full details at www.gov.uk/northern-ireland-trade.   
  • Get the guidance you need You can find everything from new product marking regulations to “webinars” on getting your business Brexit-ready over at https://www.gov.uk/guidance/help-and-support-if-your-business-trades-with-the-eu .
  • It’s not just you Remember that it’s not just your own business you need to watch out for. Your customers and suppliers need to be up to date and prepared for the new systems coming in, so check in with them before January.

Naturally enough, the best advice for making the most of post-Brexit Britain is to keep in touch with your RIFT Accounting team. Whatever the road ahead brings, we’ll always steer your business clear of the potholes and keep you on track for success. Get in touch with all your Brexit questions and concerns, and keep checking back for more Voices from the RIFT...

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