If you are a small business and any of the following applies to you, you need to make sure you comply with the new rules that are coming from 1st January:
- If you sell goods to the EU, then you must prepare for new customs procedures.
- If you or your employees travel to the EU for work purposes, you will need to check if you or they need a visa or work permit and then apply if necessary.
- If you employ overseas nationals, even if they have worked for you for some time, you will need to prepare your business for the implementation of a new immigration system.
- If you run a UK business that receives personal data from contacts in the EEA, you may need to take extra steps to ensure that the data can continue to flow legally at the end of the transition period.
- If you provide services in the EU, you must ensure that your qualifications are recognised by EU regulations to be able to practise or service your customers in the EU.
Every business will have different rules to comply with, so we recommend you go to https://www.gov.uk/transition to help you identify the actions that you need to take. We strongly encourage you to find out what your responsibilities are as soon as possible.
There are many changes such as how the VAT system will operate on exports and imports for goods and services that are still being decided through the ongoing Brexit negotiations with the EU, but the transition site does list the new rules that apply to you and your business that are already known.
Last updated: 17.11.2020
Whilst the information in this document is correct; you should always obtain individual advice from a qualified accountant.