Keeping abreast of the resulting changes following the UK's decision to leave the EU and trigger of article 50, is important for individuals and businesses alike to get their businesses ready.

What should businesses be doing to ensure they are ready post-Brexit? 

  • Assessing how Brexit may affect them – the business itself, their customers and their supply chain
  • Reviewing contracts
  • Considering the inclusion of an express Brexit clause in contracts, specifying the potential triggers, the process for renegotiation and/or a process for termination.
  • Potential triggers – increases in costs, the imposition of applicable trade tariffs, an unacceptable exchange rate fluctuation, the loss, or increase in the costs of, a particular supplier, the inability to obtain the necessary skilled or unskilled labour
  • Clauses to be reviewed – term and termination, payment and currency, compliance with applicable laws, choice of law, jurisdiction, dispute resolution, arbitration

After many years of red tape from Brussels tying up business and an endless number of EU Regulations, it is difficult to predict what happens next.  But businesses should at least consider the potential implications, and ensure they will avoid the obvious pitfalls.

 

BBC News - Brexit:

What's in the political declaration? http://www.bbc.co.uk/news/uk politics…

GOVERNMENT WEBSITE LINK:

More details if there is a No Deal Brexit - can be found on the Government Brexit website

EORI NUMBER - in the event of a No Deal Brexit.

Your UK business may need a UK EORI number if the UK leaves the EU with no deal. You do not need a new EORI number if you already have one that starts with GB.

Government link for EORI number

TRANSITIONAL SIMPLIFIED PROCEDURES (TSP)

If your business imports goods using ports and 'roll on roll off' entry in to the UK; you can register for simplified procedures paying the customs duty by arrangement after the goods are fully received into the UK. You need to Register for the TSP (Transitional simplified procedures Scheme) to enable you to use this service and you will need a EORI number before you apply. Government link for Transitional simplified procedures

There is no point bemoaning the uncertainty – talk to Dean Parnell, Partner at Sydney Mitchell - call Dean on 0121 698 2200.

 
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