Four-page Brexit special
instructions to the agent need to be clear and accurate.
Trading in the EU If you deliver work in the EU you will need to check that you have all the necessary licences/permits/approvals for the other EU countries you operate in so you can carry on trading.
Secure your staff Check to make sure any EU staff working in the UK have applied for settled status, or pre-settled status, and understand the recently announced transitional arrangements.
Northern Ireland
As a result of the Northern Ireland Protocol, trading in or with Northern Ireland may require additional procedures or registrations to be in place. Any businesses which do trade with or in Northern Ireland should ensure they understand what is required.
Making VAT reclaims on EU expenses There is an established online
“Whatever the size of your business, you should prepare your supply chains, workforce, VAT registrations, processes and cashfl ow”
mechanism for reclaiming VAT on business expenses you incur within the EU. It is likely that UK businesses will only be able to use a paper-based 13th Directive process which means that refunds can take much longer. Therefore, make claims now to limit the potential hit to your cashfl ow.
Considering an EU entity Many businesses more involved with the supply of goods are setting up companies, particularly in Republic of Ireland and the Netherlands, to ensure that they have a presence in the EU and to take advantage of EU arrangements. This obviously comes with other taxation consequences to be considered.
There are still unknowns about what the longer-term trading environment will look like, but by covering the fundamentals, your business will be in a better position to succeed in uncertain times.
i
If you would like to understand the specifi c impact on your business, please contact Pauline Davidson on 07970 127 270 or
email
pauline.davidson@bdo.co.uk
Find out how the Internal Market Act could have an impact on your business Pages 32-34
CABLEtalk FEBRUARY/MARCH 2021 31
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