Are you a UK Small-Medium business (SME)? The 31st of next month marks the Brexit deadline. This will undoubtedly be a major change for the UK economy and what it looks like. SME owners may wonder how Brexit will affect their business. Therefore, we have compiled a list of factors to consider if you are a UK-based SME.
One of the major known features of the EU is the freedom of movement for EU citizens. However, Brexit will stop this within the UK and significantly impact British SMEs who have EU citizen employees. They will have to apply for either pre-settled status, or settled status in the UK, depending on how long they’ve been living in the UK.
Presently, Britain has free trade with EU members. However, post-Brexit, British producers may have to pay tariffs. These exports will increase expenses for British manufacturers and extra inconvenience, as they will also need to provide commercial invoices, outlining the goods you are exporting.
Freedom from complying to EU regulations
A benefit Brexit will bring is that the UK will no longer have to pay billions of pounds towards EU membership costs. Instead, it can spend all that money on internal growth. This sense of freedom will mean UK businesses can trade and negotiate internationally, on their own terms.
If you are a British SME, these are all key considerations to prepare for the Brexit deadline on October 31st. We don’t yet know for sure whether it will be a trick or treat– pun intended- but we can prepare to the best of our knowledge. To find out more about how Brexit may affect your business, click here.
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