Preparation for Brexit : A to-do list for UK companies

14-12-2017

With only 16 months left before Brexit, UK companies face a daunting to-do list to prepare for customs, scrutinise supply chains, redraw contracts, develop contingency plans and much more.

The sheer range of tasks businesses need to undertake ahead of the UK’s scheduled departure date of March 29 2019 — and the accompanying logistical difficulties — are one of the principal reasons Theresa May’s government is seeking to negotiate a two-year transition agreement with the EU.

Mats Persson, head of policy and trade at the consultancy EY, says: “There is a big point of no return coming up between now and the end of the first quarter of 2018, where banks and pharma companies need a strong signal to stop relocating activity”. Manufacturers and retailers have some more time but cannot stall for long.

Here is a list of nine areas that companies need to focus on in preparation for Brexit — and whether a transition deal will help.

  1. Build corporate customs infrastructure
  2. Obtain Authorised Economic Operator status
  3. Decide whether to make use of an EU free-trade agreement
  4. Map and audit supply chains
  5. Audit all international contracts, renegotiate some
  6. Develop a contingency plan
  7. Know your employees’ nationalities
  8. Intellectual property
  9. Ensure adequate cash flow for VAT and additional inventory

Gilroy & Brookes, specialist finance and accounting services helps for management accounts/flash reports, system integration, bookkeeping and fundraising.

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