Is a no deal Brexit a possibility?

A question we are being ask with greater frequency is whether the UK is more like to be heading towards a no deal Brexit.

Many UK businesses are now considering the prospect that a no deal Brexit is a possibility. As a result, many organisations are completing internal reviews and performing impact analysis to identify areas where, in the event of a no deal Brexit, there may be risk or exposure.

A key list of factors that businesses should now be considering are:

  • To what extent do you have goods clearing customs?
  • Supply chain mapping, where your inputs come from and what possible tariffs that might apply?
  • Contractual agreements spanning other EU countries?
  • Product compliance?
  • Employees that are EU nationals might need to apply for settled status?
  • Cashflow and forex planning (where you deal in different currencies)?

There are a number of excellent planning and information tools available. A good example of this is the ICAEW tools and checklists – see the link under resources.