The impact of Brexit

Prepare for the consequences

The EU and the UK have so far failed to agree on a free trade agreement. Whether they will reach agreement at the last minute and what the final outcome of the negotiations will be cannot be predicted. But whatever the outcome, the UK will become a third country to the EU as of 1 January 2021, resulting in significant changes for business.

Regardless of the final outcome of the negotiations, there are a number of measures you can take now to ensure that your business is ready for Brexit, especially if you are involved in cross-border trade.

It is crucial to (re)assess whether your business is ready for the consequences once the transition period ends. You will need to implement your post-Brexit strategy for all areas of your business that are at risk of being disrupted: supply chain, finance, tax, compliance, governance, IT, HR, legal, business operations and more.

End of transition period brexit

Are you fully prepared for all additional formal requirements and costs as a result of Brexit?

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Is your business ready for Brexit?

  • Have you analysed the impact of tariffs on your sales margins and cost base?
  • Have you identified how increased customs duties and import VAT will influence your cash flow?
  • Do you have sufficient legal, tax and customs expertise to deal with new regulatory requirements?
  • Have you obtained the necessary registrations, permits and authorisations to be able to continue your business without interruption after Brexit?
  • Have you considered how Brexit will impact your supply chain and operations (delivery times, warehousing needs, stock levels, etc.)?
  • Have you analysed the impact on your employees (expats, immigration, business travelers, etc)
  • Have you considered the potential legal impact (contracts referring to EU provisions) and direct tax (no longer being applicable of EU directives)?

How we can help?

While there’s still uncertainty around the final outcome of the new trade relationship post Brexit, there are a set of actions that you can take now to make sure that your business is ready. Our multidisciplinary team of tax, customs, legal, HR specialists is here for you, ready to help you with:

  • Assess and clearly present the financial and operational impact of Brexit on your business
  • Design a Brexit strategy for your business to mitigate risks and leverage opportunities
  • Implement your Brexit strategy and obtain the necessary registrations and authorisations in the territories where your business operates

PwC's multidisciplinary team of Brexit experts is ready to prepare you and your company for Brexit. We are happy to help you!

Our latest insights to help you prepare for Brexit

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Jan-Willem Thoen

Jan-Willem Thoen

Senior Director, PwC Netherlands

Tel: +31 (0)88 792 36 80

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