That’s the question PKF Francis Clark has been asking of Finance Directors and clients, having prepared a three-step approach to help South West businesses prepare for the opportunities and challenges ahead.
The triggering by the Government of Article 50 of the Treaty of Lisbon begins a formal two-year process of the UK leaving the EU. Two years is not a long time to prepare for such a fundamental change, and the strong advice to the business community is to start contingency planning now, in the spirit of ‘planning for the worst and hoping for the best’.
PKF Francis Clark have assembled a team of experts both here in the UK and across the EU, who can help businesses prepare and, if necessary, implement a plan tailored to unique circumstances. The range of issues that potentially have to be covered by any meaningful plan is extensive, including the tariff impact for imports and exports, exchange and interest rates, subsidies, labour supply, border logistics and restrictive practices.
John Endacott, Partner and Head of Tax said:
“There are still so many unknowns surrounding Brexit with a Public Accounts Committee report warning just last week that having no viable customs system in place at Brexit would be ‘catastrophic’.
“The Government must do more to work with businesses to ensure contingency options are in place for Brexit and in particular Customs well before January 2019. This would provide some peace of mind to traders, many of whom are still operating with limited information and in great uncertainty.
“Our message to the business community is that you should regard any planning costs incurred now as an insurance premium to safeguard the security of your business. Doing nothing may well cost you more in the long -run and can you afford to run the risk?
“We are able to advise businesses on customs duties and would urge businesses to consider whether they need Authorised Economic Operator (AEO) status and to review their supply chains and key markets and to consider whether changes to warehousing and business locations are required.”
You can view the PKF Francis Clark Brexit planner here.