Brexit Preparations – the countdown is on
The appointment of Boris Johnston as the UK’s new Prime Minister has been followed by a series of significant ministerial changes, including a new Chancellor of the Exchequer and NI Secretary of State. The Prime Minister has been very clear that the UK must be prepared to leave the EU no later than on 31st October, even if that means leaving with a “no deal” Brexit.
We at BDO are therefore encouraging all local businesses to be as prepared as they can for a “no deal” Brexit on 31st October. Although a lot may happen between now and then, a no deal Brexit looks like much more of a possibility than it did under Theresa May’s premiership.
BDO understands that the Government will be focusing on leaving the EU on or before 31st October and prioritising appropriate “no deal” planning above all else, whilst, in parallel, still working “flat-out” to reach a new agreement with the EU. Each individual business must do the same to ensure they are in the best possible position when the UK leaves the EU.
At BDO, we encourage all businesses, particularly those that have not undertaken any planning to date, to start Brexit planning as soon as possible.
Many businesses will have undertaken “no deal” planning previously i.e. in advance of 29th March and whilst much of that planning is still applicable in the event of a “no deal” on 31st October, it needs to be reviewed and updated now as the business may be in a different business cycle, involve different personnel etc.
When looking at “no deal” planning, it should include possible ways of mitigating the effects of Brexit on their business, what assistance businesses may require financially or otherwise from Government and other sources post a no deal Brexit. BDO can help you in this planning.
For further information on Brexit planning please contact the BDO Northern Ireland Brexit Taskforce team.