How to Prepare Your Business for Brexit, Part 3
Posted on 25th November 2020 at 16:00
Is your business ready for the end of the Brexit Transition period on 31st December? Perhaps you think that everything is in place but there are certain elements that might need looking into. In this third and final instalment, we’re focusing on accounting, data protection, mergers and acquisitions, and even driving abroad.
If your business operates entirely within the UK, your accounting should continue as normal. However, if you have a branch or office in an EU country, you’ll become a “third country business” and will need to adhere to different types of accounting and reporting according to that particular country.
The changes may only be minor or they could be significant – either way, we’re here to analyse the requirements of your business, explain what needs to change and walk you through it.
Mergers and acquisitions
Once the UK has left the EU, the management of fair competition will be transferred to British regulators and agencies. For many businesses this won’t pose a problem, although for those who are planning on carrying out acquisitions and mergers there may be new procedures that require compliance.
Again, our business advisors can help you to understand how it all works by tailoring information and guidance to your precise needs.
Data protection and GDPR
It seems like only yesterday we all had to get our heads around GDPR and what it means. With the end of the Brexit Transition period, additional changes will come into play that may affect how you manage your data.
In the event that there’s no deal in place, the legal transfer of personal data between Britain and the European Economic Area will come under new rules. For instance, if your business provides goods or services to the EU and monitors customer behaviour, you’ll most likely need a European representative to manage the process. Meanwhile, surcharge-free mobile roaming may no longer apply, which can mean additional costs for employees visiting EU countries for business purposes.
Though this is all still to be confirmed, TreyBridge Accountants can help you to prepare for the best-case and worst-case scenarios through effective budgeting and forecasting that enable undisrupted cash flow.
Once we’ve left the EU, commercial drivers need to check or change their International Driving Permit, display a GB sticker on their vehicle, and register commercial trailers over 750kg before travelling through EU countries.
Your business should also contact its insurance provider to obtain a motor insurance green card, which removes the risk of being fined for insufficient coverage.
Need more help?
The end of the Brexit Transition will be a complex and demanding period, so you need a finance and business advisory expert on your side. Call our Yorkshire office on 01482 235575 or our London office on 0207 885 0605. Alternatively, you can fill in our contact form and one of our team will get back to you right away.
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