In the event that the UK leaves the EU without finalising a deal, businesses importing and exporting goods with the EU will have to comply with a new set of rules and regulations. Her Majesty’s Revenue and Customs (HMRC) department is assisting businesses in understanding these new rules and the course of action that should be adopted to take to ensure compliance and continuity in case of no-deal exit.
Brexit will bring forth changes for businesses of every size and sector. It will have an impact on multiple elements that are essential for the wellbeing of a business such as workforce, intellectual property, data protection, taxation etc. How well prepared is your business to deal with Brexit? Have you had a thoughtful conversation about what could change for your organization?
As part of the European Union (EU), Britain was a beneficiary to about 40 free trade deals which covered more than 70 countries spread globally. It essentially meant that the UK could trade with countries such as Canada without paying taxes (tariffs) for importing most goods. In case the country decides to leave the EU, without striking a deal first with the bloc, it stands to suddenly lose its tax-free access to these markets.
Businesses should tread with caution where personal data is concerned. Data protection and data flow are not exactly top priorities for businesses or citizens when considering the impact of Brexit. However, the implications should not be taken lightly given that collecting and processing personal data is integral to the sustenance of many businesses.