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Exiting Brexit

We’ve assembled a group of experts to guide you and your business through the complexities of Brexit.

Exiting Brexit

With the end of the Brexit transitional period on 31st January, the trading relationship between the UK and the European Union will look very different.

The Prime Minister warned UK businesses to prepare for the prospect of a ‘no-deal’ Brexit and to plan accordingly. While it still remains unclear as to what Brexit will mean for businesses, preparing ahead is crucial.

At Cowgills we’ve brought together a panel of experts, including our in-house specialist team who will be able to advise on the issues that may affect your business including: tax, VAT and general business and financial advice.

We have also collaborated with specialists from legal firms, local Chambers and Customs experts to ensure that together, we can guide you through this period of change.

Have you started to plan for Brexit?

From 1st January 2021 your business will need to modify or completely change procedures and practices to ensure it can continue to trade. We have therefore put together our top tips to help you and your business get Brexit ready.

Cash flow forecast

The economic consequences of Brexit are unclear so it’s important to plan ahead. A sensitised cash flow forecast can help demonstrate how further economic uncertainty could affect your business.

Classification of goods

Ensure the classifications of your goods are correct by using the Government trade tariff tool to look up commodity codes, duty and VAT rates. You can also ask HMRC for help in classifying your goods.

Imports and exports

If your company imports and exports goods you’ll need to apply for an Economic Operators Registration and Identification (EORI) number. You should also be aware of the new postponed accounting rules for import VAT.

Taxes and insurance

Brexit impacts import VAT, insurance and VAT registration. Check the detailed HMRC, ABI and UK Government guidance or speak to our dedicated VAT team who can guide you through.

New UK tariffs

The UK will apply a UK-specific tariff to imported goods.

Check your EORI number

If you already have an EORI: Check it, does it start with ‘GB’? If not, apply for a new one.

Data protection and GDPR

The EU GDPR will no longer be law in the UK. Check the ICO checklist for the steps that businesses can take to prepare in the event of a no-deal.

Travel requirements

If you have staff who travel to the EU for work, check the travel and visa requirements for the EU.

UK National employees

If you employ UK nationals living in the EU/EEA/Switzerland, check the Government guidance on what steps you need to take.

New customs paperwork

Customs paperwork will be changing. Ensure your business is equipped to make declarations internally.

Existing EU employee status

Existing employees of UK companies who are EU nationals need to apply for settled status.

Intellectual Property (IP)

If you have trademarks or other IP, check with your solicitor or IP advisor to ensure you will be protected from 1st January 2021.

Review your business terms

Conduct a review of all your contracts including terms of business and payments as some may no longer be relevant or may raise legal or practical questions.

Brexit Event: VAT and Custom changes

Want to know more

Speak to Alex, our Head of International on 01204 414 213 or email and he’ll get back to you as soon as possible

Want to know more