There is still uncertainty around what Brexit will mean and planning for a “No Deal” scenario seems sensible right now. Here is a easy to follow checklist with links to where you can get more information on each aspect.
The Government has published guidance: “UK government’s preparations for a no deal scenario” and it continues to provide updates on how to prepare for the event.
Businesses that buy and sell from the EU should have contingency plans in place which will need to be flexible to cope with a variety of possible outcomes.
In the event that the UK exits the EU without a deal, from 11pm GMT on 29 March 2019, many UK businesses will need to apply the same processes to EU trade that apply when trading with the rest of the world.
Here are some of the areas you should consider, particularly if you import or export goods to the EU and haven’t had the need to complete the various forms before. The checklist also considers general implications of a “no deal” Brexit.
Movements of Goods
Supply Chain Analysis
Product Standards and Compliance
Contracts with EU Companies
EU Employees in the UK
|22. If your business has a “.EU” domain name you should check the eligibility to hold such a domain.|
|23. If you are involved in eCommerce then read the Governments EU exit guidance.|
|24. Data Protection – you may need to comply with new license requirements and changes in regulation. The Information Commissioner’s Office (ICO) has published a six step checklist to prepare for data compliance: ||https://ico.org.uk/|
|25. Copyrights, Intellectual Property (IP) and trademarks – at this point in time it is not clear if EU trademarks would be applicable in the UK post Brexit. If you own intellectual property rights contact your lawyer on protecting your IP post Brexit.||Copyrights|
|26. Management of currency risk. There has been a downward trend in the pound to Euro rate post the vote in 2016. Volatility may occur post Brexit and you should talk to us about managing your currency risk leading up to the 29th March and beyond.|