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Crucial Ways Your Business Needs to Prepare for Brexit

Crucial Ways Your Business Needs to Prepare for Brexit

Businesses have to prepare for Brexit. The UK is currently in a transition period, having left the EU in January 2020. The transition period will end on 1 January 2021. Businesses have until that time to make any preparations for the changes that will take place. Businesses that export, in particular, need to pay attention to what will be changing.

Map Your Supply Chain

Your business’s supply chain could be affected by Brexit, especially if you trade a lot with EU countries. More customs checks could mean that the process of trading goods to and from the UK becomes more time-consuming. New tariffs could also increase your costs. It’s a good idea to look at supply chain mapping so that you can assess whether your business will experience any impact.

Assess the Impact on Your Workforce

Leaving the EU means that the UK no longer gives an automatic right to EU citizens to live and work in the country. EEA nationals need to apply for the EU Settlement Scheme, either by 31 June 2021 or by 31 December 2020 in the case of a no-deal Brexit. If you employ EEA nationals, you need to assess if this affects your business.

Understand Changes to Haulage and Prepare for Brexit

It’s important to understand how haulage companies are going to be affected by Brexit. An increase in the number of customs checks could increase delays and costs, as well as mean there are stricter rules to follow. Insurance for lorry fleets is one of the things that could be affected by the changes.

Infographic Design By Truckinsurancecomparison.co.uk

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