As the Brexit deadline approaches and the likelihood of a deal which can pass through the House of Commons still remote, businesses are left with no choice but to plan for a no deal situation from 29 March 2019.
No deal means that the UK will revert to being a "third country" under EU law, with no trade deal or other trading arrangements in place with the EU.
All UK businesses which trade in goods with the EU will need to take steps to address the compliance and logistics issues which a no deal will cause. There are also direct tax implications for UK businesses with subsidiaries or affiliates in the other EU27 states. (Export documentation and processes remain the same for all countries outside the EU.)
In addition, there are specific regulatory issues applying to certain industries and sectors (such as pharmaceuticals, fisheries and food) which may need detailed consideration and action.
Please contact us for advice if you feel you will be affected by a no-deal Brexit.