With 2020 having been dominated by Covid-19 and its implications Brexit has, until
now, taken a bit of a back seat. And yet, come the end of the year, when the
transition period ends, there are some significant implications for all businesses. We take a look at some key things you need to be aware of.
• Reviewing your contracts, terms of business and payment terms – they may
no longer be relevant.
• Changes in travel and visa requirements which will affect any travel to the
EU, EU nationals or UK nationals living overseas.
• Changes in tariffs, import VAT, insurance and VAT registration plus the need
to register for an EORI (Economic Operators Registration and Identification
number) for businesses that import or export goods, either as sales or in their
To help SMEs prepare for Brexit, we have produced some helpful materials including:
• Preparing for Brexit: A Guide for SMEs (including helpful links to tools and
further resources). If you would like a copy of the guide, please get in touch.
The economic consequences of Brexit are unclear and depend on many factors.
Businesses need to plan ahead, including preparing cashflow forecasts to ensure they
know what money they need, when and where they will get it from. SMEs need to act
now to ensure there is no disruption to their business.
Here to Help
2020 has been a tough year. The next few months have additional challenges for all
businesses as we continue to grapple with the effects of Covid-19 and with the end
of the Brexit transition period. We are here to help.
If you would like to have some one-to-one tailored advice and guidance, please do
get in touch.