Businesses are warned that they only have three months left to prepare before the proposed departure from the EU (Brexit) on the 31st January 2021. Many of the preparations businesses are going to need to make involve the predicted added costs, especially with the import and export of goods in Europe.
It is encouraged that if your business has dealings with EU countries, then a review of operations should be carried out, whether that is the trade of goods, or even shareholdings between your business and EU countries. It is worth remembering that all rules concerning goods, services, capital, and people between the UK and the EU will no longer apply. At best, a deal similar between Canada will be made which may reduce custom tariffs, but there will almost certainly be a lot more paper work and registration involved which will make trade more difficult and time consuming.
Prices may naturally go up even if you are a company who doesn’t necessarily trade outside of the UK, as a business that your company buys materials from may trade with the EU meaning they may put their prices up which will have a knock-on effect down the chain of suppliers.
Companies must consider their future business plans under post-Brexit, with more details for how it will affect businesses being revealed the closer we get to the leaving date.