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The UK left the EU on Friday 31 January 2020. We are now in a transition period until the end 31 December while the UK and EU negotiate additional arrangements.
From 1 January 2021 there are some significant considerations for all SMEs, not just those who are involved in importing/exporting or travel, including:
- New customs paperwork and tariffs
- Changes to data protection and contracts
- Visa and travel requirements e.g. when travelling for work
In addition, businesses that import or export goods, either as sales or in their supply chain, must register for an EORI (Economic Operators Registration and Identification) number.
Commenting on the forthcoming changes, David Martin, Partner at Knill James, said: “Brexit is looming with massive consequences for SMEs. Many SMEs are unaware of some of the changes, partly due to Covid-19 dominating the news. Businesses need to plan ahead, including preparing cashflow forecasts to ensure they know what money they need and when, as well as where they will get it from. It is important for SMEs to act now to avoid any disruption to their business.”
To help SMEs prepare, Knill James has produced a 15-point Action Plan and a helpful Guide, which includes useful links to tools and further resources. Copies are available on our Preparing for Brexit web page here.