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FOCUS FEATURE


BE PREPARED FOR BREXIT


‘If you have intellectual property rights, have you contacted trademark bodies or solicitors about protecting your property?’


This may mean that lower EU import/export duties are no longer accessible, so how will this impact on your costs? Look at which markets where the EU has trade agreements are applicable to your business, and plan to apply for duty relief, customs relief and trusted trader schemes. Having a member of staff who is knowledgeable in customs and exports would be helpful here.


TAXATION The Government has recently provided more clarity on VAT by introducing postponed accounting for imports, and has gone further by saying that these arrangements will cover imports from EU and non-EU markets alike. If ministers had not acted, firms faced the prospect of


having to pay VAT immediately on each cross-border transaction - creating significant cash flow issues for businesses. There is no further information yet on how this will work.


CURRENCY, INTELLECTUAL PROPERTY AND CONTRACTS The last area to consider covers the impact on currency fluctuations and leaving the EU regulatory regime. Currency fluctuations are likely to return and may affect


your contracts. With regards to the regulatory regime, it’s still unclear whether UK regulators will be able to provide licenses for the EU market post-Brexit. It’s also unclear whether notified bodies in the UK can conduct conformity assessment checks on goods destined for EU markets. Businesses should think about the steps they have to


take with separate UK and EU regulations in the future. If you have intellectual property rights, have you contacted trademark bodies or solicitors about protecting your property? Do you need to amend your contracts once the UK leaves the EU? Brexit is a complicated process with so many


uncertainties and unknowns and as such, futureproofing your business – and identifying opportunities – can appear a daunting task amidst the often deafening political noise. However, as outlined above, there are positive and important steps that businesses of all sizes and sectors can – and should – be taking in order to safely navigate the often choppy waters of Brexit. One thing that is certain is that business leaders cannot


afford to wait until the UK has left the EU to simply see how “the land lies”. The time for positive action is now.


ABOUT NIK KOTECHA Dr Nik Kotecha OBE is a multi-award-winning entrepreneur, business leader, board member and philanthropist, with a passion for making quality healthcare an affordable and accessible reality throughout the world. He is the founder and owner of Morningside Pharmaceuticals which, through innovation, corporate management and business development in the UK and international markets, has grown into a top 100 Leicestershire company. Among other accolades, he has appeared in


Grant Thornton’s Faces of a Vibrant Economy and was named Entrepreneur of the Year at the Midlands Family Business Awards in 2016 – the same year in which he accompanied Prime Minister Theresa May on a trade visit to India. He was awarded an OBE in the June 2017


Queen’s Birthday Honours for services to Entrepreneurship, Innovation in Pharmaceuticals Services and Philanthropy.


58 business network October 2018 BREXIT ADVISORY GROUP


The Chamber’s dedicated Brexit Advisory Group supports East Midlands businesses in responding to the challenges and opportunities that Brexit will undoubtedly bring. It also plays an important role in helping to refine and deliver the Chamber’s


lobbying messages to Government and other stakeholders. Formed from the existing Chamber International Steering Forum, the group meets up to six times per year and brings together some of the region’s leading thinkers and business professionals – including Chamber strategic partners Morningside Pharmaceuticals and RSM. In its earliest days, the Brexit Advisory Group was able to influence at senior


levels when it hosted a business roundtable event in Leicester with Lord Callanan, Minister of State at the Department for Exiting the European Union. In order to gather data from businesses and other organisations about what


steps they are taking to make the transition to a post-Brexit economy as seamless as possible, the Chamber's Quarterly Economic Surveys feature a raft of questions that will provide the required information that will, in turn, shape Chamber policy and steer the Brexit Advisory Group's activities for the period between now and the UK's departure from the EU. One of the first things the Brexit Advisory Group did was publish a checklist of


what it feels is the absolute minimum businesses should be doing now to make the transition out of the EU as seamless as possible. First and foremost, this checklist has been created to help businesses consider


the changes that Brexit may bring to their firms, and to help business planning at both operational and Board levels.


To read about the checklist, and for links to it in either pdf or word format, visit bit.ly/EMCBrexitChecklist


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