Small Businesses: What If We Leave The EU Without A Deal?
How will it affect our importers and exporters?
POSTED BY ROGER EDDOWES ON 22/10/2018 @ 9:00AM
It seems that Brexit is all that the government can talk about at the moment. But what will actually happen to the UK's importers and exporters should we leave the EU without a deal?
What if we leave the EU without a deal? How will it affect our importers and exporters?
copyright: andreykuzmin / 123rf
You may have noticed that the Government have been publishing technical notices covering all aspects of the economy should there be no deal with the EU. They offer a lot of insight and are important reading for importers and exporters.
"Should we leave without a deal, the UK would revert to a 'third country' status!"
This means the UK would be treated just like other countries who lack a free trade agreement with the EU. Our importers and exporters would face an unprecedented increase in red tape and this would massively affect small and medium-sized businesses who lack the staff resources to manage it.
Increased tariffs, more admin and additional legal reporting will lead to extra complexity whilst at the same time affecting productivity.
For businesses that already trade outside of the EU, their existing processes could easily be transposed to trading with European Union countries. For those who have only ever traded within the EU, this new level of red tape means they need to start planning now.
Ok, so until negotiations have concluded and we know if we have a deal or not, preparations are going to be difficult, but it is important that every business, large and small, understand the basics and gets proper advice on its own importing and exporting position, regardless of the outcome of Brexit.
"Would you like to know more?"
If you'd like to find out how it may impact your business if we leave the EU without a deal then do give me a call on 01908 774320 or click here to ping me an email and let's see how I can help you.
Until next time ...
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves ‘getting his hands dirty’, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.