Brexit will have an impact on every business in the UK, with many contracts and policies needing to be reviewed and new clauses added to reflect the new relationship with the European Union (“EU”) and the European Economic Area (“EEA”). Whether we have a deal or no deal, the key to navigating Brexit for any business is to understand your current business position and put together thorough contingency plans.

To assist with this process, Keystone has compiled a simple list of questions which will help you assess the challenges and opportunities that may lie ahead for your business.

    Company Directors

    Are you a director of a UK company?

    Regulated or Licensed Sectors

    Is your business in a regulated or licensed sector?

    Employment and Immigration

    Do you employ non-UK nationals?
    Do you require your employees to travel within the EU?
    Do your employees require specific qualifications and/or regulatory authority?
    Are your compliance policies, strategies or internal controls tailored to EU laws and regulations?

    Intellectual Property

    Do you have any European intellectual property rights and rely upon these for protection in the EU and UK?
    Does your website domain name contain ‘.eu’?
    Do you transfer data to and from companies in the EU?

    Business Contracts

    Do your contracts include references to ‘the EU’ or the UK belonging to the EU?
    Will any existing contracts still be in place when the transition period ends?
    Do any of your contracts contain penalties for late delivery of products or services?

    Cross Border Trade (Import/Export)

    Do you supply or purchase goods or services from companies registered in the EU?
    Do you import or export goods that need to comply with EU customs procedures?
    Do you import or export goods that require certain documentation, such as licences/ certificates?

    Costs and Tax

    Are you a VAT registered company that trades with the EU?
    Do you supply or purchase goods or services to the EU/EEA that are subject to VAT, and other tariffs?
    Do you pay or are you paid for good or services in another currency other than GBP, which is affected by exchange rates?
    Do your company’s tax planning strategies depend upon EU Directives and EU law?
    Have you checked your insurance policies to make sure you are fully insured in the new business environment?

    About your company

    How many employees are there at your company?
    What is the annual turnover of your company?

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    This checklist is for general information purposes only and does not constitute legal or professional advice. It should not be used as a substitute for legal advice relating to your particular circumstances. Please note that the law may have changed since the publication of this checklist.