As we head into the final month of 2020, the time until the transition date decreases, and the probability of a no-deal increases. Whilst this hangs in the balance, some businesses may feel inclined to wait until the last minute to see what deal comes through. However, this strategy can be incredibly damaging to your organisation and the Norfolk Chambers of Commerce recommends preparing for any scenario, deal or no-deal. No matter the outcome, significant changes to your organisation will be required. To help you prepare, we are offering businesses free support through our online Brexit Hub and if you haven’t capitalised on this opportunity, then we urge you to do so at your earliest convenience – our business advice lines are becoming busier as we hurtle towards the deadline.
We are all hoping for a deal to come to the table, but what is the potential impact of a no-deal Brexit on your business?
- Limited access to European markets – It’s possible that without a deal, there may be restrictions when bidding for contracts in the EU. This could also apply to delivering contracts that are already in place.
- Disruption to supply chains – One of the big concerns is the potential disruption to supply chains through changes in tariffs, other costs and changes with import and export controls.
- Higher tariffs – A result of a no-deal Brexit is the increase of tariffs on products imported from and through the European Union. Depending on the product, costs could rise drastically, and this may impact on your customers.
- Tax changes – If your business uses European Union tax structures, then this will most likely be affected. It could take time to implement and develop alternative UK tax structures, slowing down business operations.
- Changes to data protection – At present, the UK adheres to the EU’s GDPR (General Data Protection Regulation) when processing data. If this changes, then existing databases may need to be reviewed and adjusted to fit with new regulations.
Although this may all seem daunting, you’re not up the creek without a paddle. the Norfolk Chambers of Commerce are to help, no matter what happens on January 1st. You can access our comprehensive and easy-to-use Brexit Hub full of free resources by clicking here. You can also phone our expert trade advisors on 01603 625977.
