Brexit Business Risk Analysis

Businesses now only have a very limited period to prepare themselves for the changes ahead of them. Therefore it is extremely important that businesses plan for the challenges they may face sooner rather than later. Complete our questionnaire to see if your business is at risk from the effects of Brexit.

Step 1

Name*

Company name*

Email*

Telephone*

Company address

Risk Analysis

The headings below indicate common areas of concern and risk for businesses. If you have a particular issue that you are worried about, please complete the most relevant questions relating to this area.

Income

1. Introduction of tariffs – At the moment the UK pays no tariffs to the EU as part of its single market arrangements, but new tariffs may be levied if we leave the Union.

Could your business take a sudden introduction of tariffs?

Yes

Would the additional costs affect your cashflow?

Yes

Have you sought advice on tariffs?

Yes

Would it affect contracts/arrangements with European customers?

Yes

2. Loss of passporting arrangements - Passporting into the EU from the UK will not be possible following a Brexit unless a special arrangement can be negotiated.

Is your business prepared to establish overseas subsidiaries if passporting is removed?

Yes

Have you considered the cost of this?

Yes

Would you lose clients as a result if you couldn’t passport?

Yes

3. Relocation of your client base – Following Brexit some businesses may see European clients withdraw from their market, due to tariffs and additional costs.

Are the majority of your clients based in Europe?

Yes

Could you afford to lose your European clients?

Yes

4. Changes to VAT and other indirect taxes – The UK is currently bound by the EU VAT Directive, but may be forced to pull out of this arrangement.

Is your business prepared for any potential changes to VAT?

Yes

Have you sought advice about what these changes would mean?

Yes

5. Significant currency fluctuation – We have already seen sterling decline since the vote to leave the EU and further fluctuations are expected.

Has your business been affected by currency fluctuations already?

Yes

Could your business sustain further drops in the price of sterling?

Yes

Have you thought about how fluctuations could affect established contracts and fees?

Yes

Is your business prepared/able to trade in different currencies?

Yes

6. Security of supply chain – Brexit and subsequent tariffs are likely to affect trade between you and your suppliers.

Do you have suppliers in the EU?

Yes

Do you have suppliers, with their own suppliers in the EU?

Yes

Have the costs of European supplies already gone up due to currency fluctuation?

Yes

Have you considered how the supply chain to the EU might be affected?

Yes

Have you amended your supplier contracts to take into consideration the effects of Brexit?

Yes

Have you considered how disputes would be handled with European suppliers after Brexit?

Yes

People

1. Restriction on inward immigration – The EU and the UK has been quite clear about curtailing the Freedom of Movement arrangements.

Would this affect client relationships?

Yes

Would your firm struggle to recruit for skilled roles?

Yes

Would this affect your supplier’s ability to import goods?

Yes

2. Visa requirements on EU workers – Should the rules on immigration change existing staff may need to assess their visa status.

Have you discussed future visa arrangements with staff?

Yes

Are your EU staff looking at permanent resident status?

Yes

3. Visa requirements imposed by other states – Outward travel from the UK may also be affected by Brexit.

Would it affect your ability to send staff to overseas subsidiaries on secondment?

Yes

Is your business prepared for the additional administrative burden of regular visa applications to the EU?

Yes

4. Employment legislation – The UK is currently bound by EU regulations on working hours and other employment issues.

Have you thought about the impacts of rolling back the UK’s existing employment law framework?

Yes

Would it require you to change employment contracts?

Yes

Are you prepared to create different rules between employees in different countries?

Yes

5. Alternative sources of staff resources and skills shortage – Many EU citizens may be required to leave the UK in the future.

Would your company experience a skills shortage if this was the case?

Yes

Would you be able to find the same talent in the UK?

Yes

Would this affect your current senior leadership team?

Yes

Step 2

Preparation of a plan

Now you have answered questions regarding your areas of concern, let’s see how your plans for Brexit are shaping up. During your planning for Brexit have you considered the following:

Relocation of trading

1. Choice of location

Have you already considered moving?

Yes

Do you already have plans to move?

Yes

Have you thought about overseas subsidiaries?

Yes

Would Brexit require you to change where you are headquartered?

Yes

2. Tax jurisdiction

Do you understand the implications of your move on your tax liabilities?

Yes

Could a move bring beneficial tax arrangements?

Yes

3. Suitable trading structure

Would your business require restructuring?

Yes

Could you gain some benefit from changing your trading structure?

Yes

4. Language issues

Do your current staff have useful language skills?

Yes

Could relocation affect your ability to communicate with clients?

Yes

5. Regulations

Have you explored the regulations in your country of choice?

Yes

Could a change in regulations affect your current operation or existing contracts and agreements?

Yes

6. Timescale

Have you consider how long a move would take?

Yes

Would your business be able to move before Brexit?

Yes

7. Governmental grants/funding

Could you benefit from new funding overseas?

Yes

Is Brexit likely to affect your current funding from the EU?

Yes

8. Effect on existing employees

Are staff prepared to move?

Yes

Have you consulted them?

Yes

Would redundancies be required?

Yes

9. Office costs and accommodation

Have you thought about the cost of relocation?

Yes

Do you have an understanding of overseas property laws/regulations?

Yes

Would relocation affect current rental/lease agreements?

Yes

Business Activity

1. Changes to resources from increased/decreased trade

Have you considered the impacts of a decline in trade from EU customers?

Yes

Would more than 50 per cent of your customer base be affected?

Yes

Would more than 50 per cent of your supplier base be affected?

Yes

Do you have sufficient reserves to make up the shortfall?

Yes

2. Liquidation of surplus trading entities

Could liquidating existing trading structures be beneficial after Brexit?

Yes

Would you be looking to liquidate any existing trading entities?

Yes

3. Recruitment/Redundancy Costs

Have you considered the costs of redundancies?

Yes

Have you considered the potential legal requirements of redundancy?

Yes

Have you considered the costs of recruiting new staff?

Yes

If you have any additional questions, queries or concerns, please include them below:

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Is your business ready for Brexit?

Step 1

Risk Analysis

Income

People

Step 2

Preparation of a plan

Relocation of trading

Business Activity

INSIGHTS:

Milsted Langdon invests in talent with 18 new trainees

Urgent reminder: Time is running out to prepare for the Employment (Allocation of Tips) Act 2023

Have you paid the right amount of High Income Child Benefit Charge for 2022/23?

HOW CAN WE HELP?

GET IN TOUCH

Step 1

Risk Analysis

Income

People

Step 2

Preparation of a plan

Relocation of trading

Business Activity

INSIGHTS:

Milsted Langdon invests in talent with 18 new trainees

Urgent reminder: Time is running out to prepare for the Employment (Allocation of Tips) Act 2023

Have you paid the right amount of High Income Child Benefit Charge for 2022/23?

HOW CAN WE HELP?

RELATED SERVICES

GET IN TOUCH