Preparing your business for Brexit – a go-to guideSeptember 13, 2018
A Parliamentary briefing paper on the importance of trade with the EU for UK businesses shows that 43% of revenue in the mining and quarrying industry comes from exports to the EU, illustrating that mining and quarrying is one of the most exposed industries to Brexit. In response to this, we have developed a go-to guide to seek to enable businesses to prepare for “Brexit Day” on 29 March 2019.
- Assess how you will achieve customs clearance
In advance of Brexit businesses should consider what customs and trade registrations and other authorisations are required in order to achieve customs clearance. Reliefs may also be available. Businesses should seek to ensure that they are able to meet duty payments and the relevant regulatory licensing requirements when exporting goods to the EU. The likelihood is that if the UK leaves the single market British businesses will need to fill in customs declarations for all goods crossing the EU border. Whilst there is a lot of uncertainty regarding the UK’s status in the single market post Brexit it is probable that customs and duties will become part of being an EU export business.
- Obtain Authorised Economic Operator Status
Authorised Economic Operator (AEO) status is a well-established ‘trusted trader’ customs programme which has been in place in the EU since 2008. Post Brexit AEO could provide for faster customs clearance by offering priority access to businesses that have been pre-assessed.
- Consider your workforce
Immigration is the one area where a clearer picture is emerging. The UK government has outlined details of its settlement scheme and temporary residence scheme. Registration for EU citizens will be a huge change for employers. As a result of this, systems and immigration policies should be reviewed and, where necessary, updated.
- Assess ‘Brexit readiness’ of contracts
Many businesses may find that their current contracts lack provisions to deal with Brexit and the changing relationship between the UK and the EU. It will be crucial to assess business contracts in advance of Brexit.
This article has been produced for general information purposes and further advice should be sought from a professional advisor. Cleaver Fulton Rankin has a dedicated Brexit team who can assist with providing further advice or information. Our Brexit team is also a participating provider in the InterTrade Ireland Start to Plan Voucher Scheme which grants eligible businesses a voucher of up to £2000 towards professional advice in relation to Brexit matters. Please contact Hilary Griffith at firstname.lastname@example.org for more information.
This article has been produced for general information purposes and further advice should be sought from a professional advisor.