Brexit Has Arrived: Have You Considered These 3 Questions?

26th January 2021 | Advisory, Tax

January 1st saw the end of the Brexit transition period and, with a great sigh of relief, the news that a trade agreement was agreed. While complex, the deals and plans put in place avoided a No Deal Brexit which would have created total uncertainties for individuals and businesses alike. Here at Williamson & Croft, we have been helping businesses across a range of sectors with their post-Brexit plans, from property and construction companies to professional services, the digital sectoreCommerce, and the tech industry.

In today’s blog, we’re going to be posing a few questions, as food for thought, so that you can take steps to improve your company accounting procedures, and general business practices, in this post-Brexit Britain. For more information about how we can help you with tax support, general business accounting services, auditsR&D Tax Credits, or our advisory servicesbe sure to get in touch with our expert team on 0161 399 0121 (if you’re a Manchester-based business) or 0151 303 3112 (if you operate in Liverpool). We can assist businesses across the north-west in areas such as Manchester, Liverpool, Warrington, St Helens, and beyond, so, no matter where you are, we can help.

3 Questions To Consider Now The Transition Period Has Ended For Britain And The European Union

What follows are some key questions to consider now the transition period has ended. All of these can be answered with company-wide collaboration, enthusiasm, and the help of accounting individuals, which you can find at Williamson & Croft.

Firstly, think about how your business can access potential new markets. New tariffs, supply chains and import requirements are in place so now is the time for your company to consider how you would start activities in European countries, and beyond, should opportunities arise. The last thing you want to happen is to have your business growth hampered because inadequate preparation occurred or sufficient arrangements weren’t made. With Brexit having now happened, there is a period of time where businesses can take advantage of new trade deals, and as with most things in business, those who act fast, often succeed.

how does brexit impact your tax auditsAnother key question to ask yourself, regarding the new regulations, is to do with risk and reporting. Are your reports, audits and future planning factoring in the risks and extra costs posed by Brexit? Without factoring in the new circumstances and conditions, the measures you put in place could be inadequate, causing issues further down the line. At Williamson & Croft, our advisory and audit team can complete a thorough review of your business model, financial statements, and other important company information, to help guide you along the most appropriate path. The key to making a success of Brexit is to prepare thoroughly and have real, honest expectations.

A third key question to consider is how VAT changes will affect you. If you regularly sell to Europe, there will be several changes that you need to be addressing. Our tax experts have been assisting our eCommerce clients with the new customs paperwork to ensure the goods they are selling aren’t being held at customs. This assistance helps them avoid poor customer experience, and allows them to continue growing their client base in European countries. To avoid major tax fines, most UK sellers will need to register for VAT in other countries and charge the VAT rate of your customers country, it is vital you factor this rate into your profit margins. A one-stop-shop package for eCommerce is being introduced, which is expected to simplify the process, however, this isn’t expected to be available until July.

Get In Touch With Williamson & Croft To Learn More About How We Can Help You

There are dozens and dozens of things to consider when it comes to Brexit and your business, and we understand that it can feel overwhelming at times. The key to success is to be thorough, realistic and ensure you prepare adequately. If you are in need of advice or help with your business accountants, then feel free to contact us here at Williamson & Croft. We’re confident we can help you through the confusion and offer the appropriate support for your business, regardless of what sector it is in. We work across the north-west and UK in areas such as Chester, Bolton, and Wigan so do not hesitate to get in touch today.

Williamson & Croft is a market leading accountancy, advisory and tax firm with particular specialisms in property, construction, retail, digital and creative, technology and professional services.

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