Mitigating Brexit risks

Westminster is struggling to agree on when how and indeed if Brexit will proceed. This leaves 245 000 businesses trading across EU borders exposed to new and complex customs declarations tariffs and VAT obligations and costs. These businesses will need answers fast simply to keep trading. This is where a tax practice can shine – taking on the role of post-Brexit pathfinder and helping to ensure that clients are undertaking some of the basic steps to mitigate Brexit risks. So what are the implications of Brexit and how can we:

• identify whether our clients’ businesses are at risk;
• understand and explain how Brexit is overturning the rules on customs and VAT; and
• create a tailored checklist to help affected clients.

Businesses most at risk from Brexit

In the main Brexit changes will affect businesses that move and sell goods across EU borders. Examples include the following.

• Importers and exporters trading with...