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Free trade and cooperation agreement
The EU and the UK have finally reached agreement on a Free Trade and Cooperation Agreement. With this agreement an even harder Brexit whereby tariffs and quota would apply to mutual trade has been avoided. However, it should be noted that the United Kingdom has left the EU and therefore is no longer part of the EU single market and customs union but is regarded as a third country. This status has significant consequences for businesses amongst others in the area of cross border trade, movement of people and date.
For an international organisation it is crucial to analyse what the impact of Brexit and the Free Trade and Cooperation Agreement is for your company. Did you take sufficient measures 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?
How to minimise the impact of brexit on your organisation?
Have you analysed the impact of the costs of customs formalities on your sales margins and cost base?
Have you investigated whether an alternative route, a different set-up of the supply chain, could help to reduce additional costs?
Have you identified how increased customs costs and import VAT will influence your cash flow?
Have you looked at how customs duties and import VAT can be avoided by using, for example, such things as returned goods scheme, origin or reverse charge of import VAT?
Do you have sufficient legal, tax and customs expertise to deal with new regulatory requirements?
Have you requested and obtained the necessary registrations (including VAT and EORI), permits and authorisations?
Have you analysed the impact of the Withdrawal Agreement and the Free Trade and Cooperation agreement on your employees (visas & work permits, taxes and social security for example cross-border workers or business travellers)
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?
Now it is clear what the new trading relationship between the EU and the UK will look like post-Brexit, it is time to analyse the impact on your organisation and, if necessary, make adjustments to minimise the effects of Brexit.
Our team of tax, customs, legal, HR specialists is here for you, ready to help you with for example:
Assess and clearly present the financial and operational impact of Brexit on your business
Design a post Brexit strategy for your business to mitigate risks and leverage opportunities
Apply and obtain the necessary registrations and authorisations in the territories where your business operates
PwC's multidisciplinary team of experts is ready to analyse the impact of the brexit deal for you and your company and help determine the best course of action. We are happy to help you!
Our latest insights to help you prepare for Brexit
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