Brexit is Happening…Now you need to make sure your business is prepared
Over the past three years since the referendum result, there has been endless debate on whether Brexit was really going to happen. Would the remainer’s prevail? would Parliament ever agree on a way forward?, etc. etc.
During that three years the Department for Leaving the EU constantly issued guidance on what importers and exporters should be doing to prepare for a hard or soft Brexit, and many large companies invested considerable time and money to understand what was potentially going to happen, and to ensure they were as prepared as possible.
However, statistics show that during this period less than 30% of UK importers/exporters with the EU made any real efforts to prepare and plan, and a very large number of companies actually did nothing,
In all probability they did not want to invest any time or resources in preparing for something that might never happen, or where different scenarios could emerge.
Well, that is no longer in any doubt. We have now left the EU and the transition period under UK law will expire at the of 2020.
The UK has confirmed it will not remain in a Customs Union so as from the 1st January 2021 the movements of any goods between the UK and the EU will require Customs declarations, INCO terms, potential duties and taxes, quotas, licences, changes to CE marks, etc etc.
If you are buying raw materials or finished goods from the EU, or you are supplying customers in the EU, then the trading requirements for your company are going to change.
It is critical that you now start working on what you need to do to understand the impacts for your business. Understanding your trading with the EU, talking with suppliers and customers, classifying your products correctly, negotiating trade terms, evaluating quality registrations, assigning agents to do your customs paperwork, and potentially many other actions.
Many managers are concerned that they are already too busy, or cannot afford to have people come and help them understand what is coming and what steps need to be taken.
They fear significant consultancy bills and large amounts of staff time wrapped up in Brexit preparations.
Over the past year I have been working personally with managers in different sectors to help them understand what is happening, and what their companies need to do to ensure their business is as prepared as possible for Brexit.
I have experience in International trade going back over forty years, and have led the Brexit preparations for a major FTSE100 company. I have started my own company and have spent the last year helping small and medium sized companies understand and prepare for Brexit.
I am not a major consultancy with large overheads and even larger tariffs. I am offering a one to one Brexit support opportunity, working with managers/owners of companies trading with the EU in a hands-on, client focused way. No big jargon or complex processes. Just a simple step by step approach covering all the key areas, to ensure you can continue to trade efficiently with your EU partners in the coming years.
To reflect that simplicity I work on a daily/ hourly cost basis to ensure you are only paying for what your company needs.
Whatever your intentions relevant to Brexit I encourage you to start working on them now, as the end of 2020 will come quickly. Wyndham Solutions Ltd are here to help if you need us.