As we head further towards the end of the year, having spent the past eight months navigating the Covid-19 pandemic, many businesses are unaware that there are some key considerations and actions they need to take to ensure they can continue to legally trade from 1 January 2021.
The UK left the EU on Friday 31 January 2020. There is now a transition period until the end of 2020 while the UK and the EU negotiate additional arrangements.
From 1 January 2021, there are some significant implications for all businesses, not just those who are involved in importing or exporting or travel, including:
- New customers’ paperwork
- Changes to data protection and contracts
- Visa and travel requirements, e.g. when travelling for work.
In addition, businesses that import or export goods, either as sales or in their supply chain, must register for an EORI (Economic Operators Registration and Identification) number.
Commenting on the forthcoming changes, Alex Hesketh, Partner and Head of our International sector says: “Brexit is looming, with massive consequences for businesses, many of which are unaware that this affects them”.
To help businesses prepare, the Cowgills team has brought together a panel of experts including, international tax and VAT specialists, employment law professionals and international trade consultants, who will provide a series of online events, clinics and documentation to guide and assist clients through the process.
Alex added: “We are unsure of the financial impact that Brexit will have, but we can help clients to prepare by looking at tools such as cash flow modelling and tax planning amongst others.”
If you are interested in hearing more about the support Cowgills can provide please contact our dedicated team at brexitsupport@cowgills.co.uk
Disclaimer
The information was correct at time of publishing but may now be out of date.
