Brexit readiness questionnaire

Will Brexit affect your business?

Think the UK’s departure from the EU won’t affect your business? Think again. Chances are it will affect something in your supply chain and that will ultimately affect your business. Whatever your view on Brexit and whatever its shape, it’s good practice to assess your business risk and prepare for different scenarios. In fact, this planning process will help strengthen your business, making it more resilient.

So please take a few minutes to assess both your risk and your preparedness by completing our short survey. All questions in this self-assessment questionnaire rate your preparedness from 1 (very prepared) to 5 (not at all prepared)..

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1. Employment

If you currently employ EU nationals, you may want to help them apply for EU settlement status - especially if they make up a significant part of your workforce. Their rights, and the process, depend on how long they have been resident in the UK.

Is this issue relevant to your business?
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2. Recruitment

Consider whether you need to change the way you recruit due to the new arrangements for employment of EU nationals. This may affect the pool of talent that you can access. And you may need to plan for how to deal with any skills shortages.

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Preparedness:


3. Importing goods/services

If you currently import goods/services or plan to in the future, you may want to think about changing how you buy foreign currency in order to reduce this risk. There are also other financial issues and potential delays that you should consider. Read further information to find out more.

Further information
Think about possible cost increases due to exchange rate movements. Don’t forget about potential new duties on imported items, VAT payable and delays at customs. You need to ensure that you understand any new customs procedures and have the necessary skills in place. Consider whether you need to increase stocks in order to mitigate these risks and if you require additional space. Investigate whether you can seek any duty relief or change your accounting practices to soften the blow. In addition, consider if you can you pass on any cost increases to your customers and what mechanism you’ll use.


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4. Exporting goods/services

If you currently export goods/services or plan to in the future, you may want to think about the currencies you trade in and whether you need to change this. There are also other price and information issues and potential delays that you should consider. Read further information to find out more.

Further information
Think about possible price fluctuations due to exchange rates. Don’t forget about potential new duties on exported items, VAT payable and delays at customs. You need to ensure that you understand any new customs procedures and have the necessary skills in place. Consider whether you’ll you need to hold stocks locally in order to mitigate these risks and where the best location would be. Under the new arrangements, you may need to disclose local content (UK and/or EU). Investigate whether you have the information required to complete this.


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5. Transport issues

If you trade in goods, whether you have your own transport or contract with a haulage firm, you’ll need to plan for change. Read further information to find out more.

Further information
Firstly, costs could increase as oil is priced in US Dollars. Furthermore, there could be time delays due to border control checks and customs procedures. Consider how increased transport costs could affect your business and how you could reduce their impact. You may need to provide additional information to your transport provider. Also consider if you need to hold strategic stocks of finished goods. Any transport delays could impact both your leadtime and competitive advantage. Look at whether you can pass on any cost increases to your customers.


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6. Legislation and regulation

While some legislation will continue unaffected post-Brexit, there will be some changes, which you’ll need to prepare for. Read further information to find out more.

Further information
Consider how you’ll continue to protect your Intellectual Property Rights (IPR) - think about any copyrights, patents and trademarks currently in place or planned for the future. Review your/your customers’ contracts and terms & conditions. Consider which regulatory agencies you’ll need to work with and whether your industry standards will still be relevant.


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7. Tax and VAT

How you manage taxes, tariffs and VAT will change post-Brexit, so you need to understand the main changes in order to remain compliant. Read further information to find out more.

Further information
Find out how your business will be affected by new tariffs between the UK and EU. This may involve you classifying your products so you’ll need to understand how to do this. There will also be some small changes to VAT on imports. You’ll also need to register for VAT in any EU countries where you hold stock and may also need to appoint a fiscal representative. Consider the cost implications to your business of all these changes – work out if your business can absorb these additional costs or if you need to pass them on to your customers.


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8. EU funding and investment schemes

If your business currently benefits from any EU grants or funding schemes, then you’ll need to find out how these will be affected and what funding you’ll have recourse to in the future. Consider how this will affect your business.

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9. Other issues

There’s a whole range of other ways that Brexit could affect your business. This goes beyond exchange rates to other economic factors such as inflation and interest rates. Read further information to find out more.

Further information
If international trade is important to your business, think about whether to put in place proactive financial processes to manage your exchange rate risk. Also you need to consider how other macro-economic factors (e.g. higher rates of inflation and interest rates) could impact your business. Interest rates changes would be particularly relevant if you have loan debt and/or commercial mortgages. Higher inflation could also lead to upwards pressure on wages. Consider whether your business can afford a wage rise and how you will continue to retain and attract staff. You also need to understand how business travel and mobile roaming charges may be affected.


Is this issue relevant to your business?
Preparedness: