Brexit Preparations – the countdown is on
Nothing is ever certain with Brexit but there is a real possibility that the UK will exit the EU on 31st October without a deal. In the very short term, businesses should now take urgent action to address the potential consequences of no-deal and specifically the new business boundaries and related administrative and duty costs.
At BDO, we encourage all businesses, particularly those that have not undertaken any planning to date, to start Brexit planning as soon as possible.
Whatever the size of your business, you should prepare your supply chains, workforce, VAT registrations, processes and cashflow for this scenario. Within these pages, you will find a comprehensive list of actions that will help you prepare your business for no-deal. The list is based on our experience of helping clients prepare and advice from the government. Most of the actions will put your business in a better position to succeed in the uncertain times after Brexit.
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.