We’re not sure what Brexit will look like but The Institute of Chartered Accountants in England and Wales (ICAEW) have given us a quick-start guide, which outlines questions to ask in order to prepare as best as possible.
While there is still no certainty around what Brexit will mean, businesses that sell to and buy from the EU need to have contingency plans in place that are sufficiently flexible to cope with a variety of possible outcomes. ICAEW’s checklist covers the areas that should be considered. These considerations reflect “no deal” being reached, but may also be relevant in other scenarios.The Institute of Chartered Accountants in England and Wales (ICAEW)
10 questions to ask:
- 1. Where will you get more cash, if you need it?
- 2. What help do you need to access potential new markets?
- 3. Have EU/EEA/Swiss-national employees registered for the settlement scheme?
- 4. How would additional customs duties affect your sales and supply chain?
- 5. Are you ready for customs? Have you got your EORI number?
- 6. Have you registered for simplified import procedures?
- 7. How will your principal contracts be affected by Brexit?
- 8. Do you receive personal data from the EU/EAA?
- 9. How will changes to VAT affect you?
- 10. Do your corporate reports reflect Brexit risk?
The government have also made their own Brexit preparation tool to help you find out:
- what your business or organisation may need to do to prepare for Brexit
- what’s changing in your industry
- information on specific rules and regulations
Should you have a tax-related questions or would like to discuss Brexit plans for your business with a chartered accountant, please get in touch with CGA on 01904 720718 or email us at email@example.com.