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, but it is essential for businesses to get ready.

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

  • assessing how Brexit may affect them – the business itself, its customers, employees and supply chain
  • reviewing existing contracts
  • considering the inclusion of Brexit related clauses in new contracts covering for example, in addition to the issues referred to below, processes for renegotiation and/or termination, payment and currency, compliance with applicable laws, dispute resolution, choice of law and jurisdiction.

Issues for immediate consideration include:

  • the potential imposition of applicable trade tariffs such as customs duties on imports or exports
  • the effects on suppliers and how they may pass on increased costs
  • the nature and effect of changes to shipping and other documentation and related procedures required to import or export goods.  Some useful information is available from the government website in relation to these matters
  • the effect of consequent delays in transporting or receiving goods
  • the effects of exchange rate fluctuations
  • the position of any employees who are EU nationals working in the UK or who are UK nationals working in the EU or the effect on the business's ability generally to recruit the necessary skilled or unskilled labour
  • whether the business transfers any personal data coming out of the EU which may become unlawful when the UK leaves the EU
  • whether the business relies on any EU registered intellectual property for example trademarks or designs which could cease to be effective in the UK following Brexit
  • regulatory issues if the business operates in a regulated sector
  • whether the business sells to consumers in the EU including by online selling and so may be affected now or in the future by changes or divergence in the relevant regulations
  • whether the business uses agents in the EU or acts as an agent for an EU principal and could be effected if, or when, the Commercial Agents Regulations cease to apply in the UK
  • any other sector or industry specific issues.

It is very difficult to predict what happens next, but businesses should at least consider the potential implications and ensure they will avoid the obvious pitfalls.

If your business requires advice in relation to any of the above issues or has any other Brexit related questions or concerns, please contact Dean Parnell or a member of our Corporate Team on 0808 166 8827.

 

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

 

 
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