PLAN ACT ENGAGE For a better Brexit outcome 3.
Overview Finance People Supply Chain Recruitment Currency Tariffs Skills Working capital levels Customs Staff Retention Investment decisions Trade Barriers Seasonal workers Access to EU Funding Law Increased import costs Data VAT 4.
Supply Chain DID YOU KNOW? InterTradeIreland’s Start to Plan Vouchers can support your business through free access to a dedicated specialist in any of the areas of change associated with Brexit. Applications are quick and easy to complete and the support is completely free. Apply HERE PLAN ACT ENGAGE How might your supply • Understand your own Engage with ITI: chain be impacted by supply chain – up and Brexit Advisory Service, potential changes such as: down the chain. Start to Plan Vouchers, • Engage with key players • Tariffs under a ‘no deal’ Brexit Events, in your chain including • Customs delays crossing Research & News. your end customers. the border and pre- • If risks to your supply Engage with Others: shipment inspections chain are high examine • Changing regulations Employees’, Customers, your options with • New Legislative issues Suppliers, Development contingency planning. • Changing Data Rules agencies, Politicians, • Consider any new skills • Increased costs in Representative bodies, that may be required & shipments and logistics Finance providers. how to access them. 5.
Tariffs DID YOU KNOW? Tariffs are custom taxes that governments levy on imported goods. The tax can be unit based and/or a % of the cost of the product. In effect they raise the price of the imported good. WTO tariffs are the default tariffs if a trade agreement is not reached between the EU and UK by April 2019. ACT ENGAGE PLAN How might your cross InterTradeIreland can help Engage with ITI: border trade be impacted you identify the potential Brexit Advisory Service, by the introduction of tariffs tariff implications for your Start to Plan Vouchers, in the event of a ‘no deal’ or goods HERE. Brexit Events, sectoral only deals? Research & News. INNOVATE Many products have a 0% Could small innovations Engage with Others: tariff under WTO trading Employees’, Customers, in your product reduce rules – CHECK TO SEE IF Suppliers, Development the cost of tariffs and YOURS MIGHT BE IF agencies, Politicians, help your business too? INTRODUCED. Representative bodies, Finance providers. 6.
Customs DID YOU KNOW? Post Brexit, goods being brought into the EU/UK may be subject to more custom controls, and associated costs of documentation, customs deposits, possible tariffs and delays. ACT PLAN ENGAGE Any new customs borders • Work out how additional Engage with ITI: may mean: costs of customs might Brexit Advisory Service, • affect your business. Customs paperwork such • Build in cash reserves if Start to Plan Vouchers, as Rules of Origin you think these may be Brexit Events, Certificates required to manage VAT Research & News. • Customs Duties payable changes. on imports to the UK Engage with Others: • Could logistics changes • Employees’, Customers, VAT on exports to the EU minimise impact of Suppliers, Development customs? • Border delays • agencies, Politicians, Upskill staff on customs • Additional IT system procedures. Representative bodies, requirements • Would a new business Finance providers. • model help? Tax return requirements 7.
Regulatory Trade Barriers DID YOU KNOW? The EU and the UK will have a range of non-technical barriers to trade which may affect trade including licensing, quotas, distribution restrictions, restrictions on post-sale services and intellectual property. PLAN ACT ENGAGE • How might the Fully review your current Engage with ITI: product(s) I provide be procedures, licenses and Brexit Advisory Service, certifications. restricted by non- Start to Plan Vouchers, technical barriers? Become familiar with the Brexit Events, • extra paperwork which What might be the Research & News. may apply to all aspects of financial and time costs Engage with Others: associated with these? your business post Brexit. Employees’, Customers, • Work with your suppliers Will you need to comply Suppliers, Development with two sets of rules? and customers where agencies, Politicians, • needed. What would be the Representative bodies, Upskill staff on licensing, impact on your business Finance providers. if UK standards diverge shipment labelling, Eurostat etc. as required. from the EU’s? 8.
Law and Data DID YOU KNOW? The EU’s General Data Protection Regulation (GDPR) comes into force in the UK on 25th May 2018 and will continue to apply to UK companies who process data in ways that bring them within its scope post Brexit. PLAN ACT ENGAGE Consider your access to EU • HOW IMPORTANT IS Engage with ITI: data and legislative THIS DATA AND SHOULD procedures: Brexit Advisory Service, ANY ACTION BE TAKEN Start to Plan Vouchers, • Review the customer AROUND IT? Brexit Events, and 3 rd party data that is Research & News. held – where is it & who • COMMERCIAL owns it? Engage with Others: CONTRACTS - HOW Employees’, Customers, • Will Brexit affect WILL THEY BE Suppliers, Development ownership or use of the AFFECTED? agencies, Politicians, data? Representative bodies, • What about accessing EU Finance providers. law rights through contract litigation etc? 9.
People DID YOU KNOW? EU rules on admission to the Member States for the purpose of work currently exist and may apply in some form to UK citizens post Brexit. The UK currently also has provision for immigration from the Rest of the World for work purposes – details for recruitment from the EU post Brexit are still to be defined. ACT ENGAGE PLAN Recruitment : Recruitment : Engage with ITI: Establish options to meet Will recruitment of key skills Brexit Advisory Service, key recruitment needs. be more difficult? Start to Plan Vouchers, Skills: Skills: Brexit Events, Develop options to meet Will you need new skills? Research & News. skills gaps post Brexit. Staff retention: Engage with Others: Staff retention: What proportion of my staff Employees’, Customers, Support staff in plans for and which key roles are Suppliers, Development continued residency. potentially affected? agencies, Politicians, Seasonal Workers: Seasonal Workers: Representative bodies, Consider innovations to Will access to seasonal Finance providers. reduce dependency of workers impact you? seasonal workers. 10.
Finance DID YOU KNOW? Currently businesses can freely move capital across the border. This is an important component in cross border transactions and investments, ensuring few restrictions or capital controls on moving funds between member states. This freedom of movement of capital may change post Brexit. ACT PLAN ENGAGE What impact would Brexit Have currency Engage with ITI: have on: management in place e.g. Brexit Advisory Service, a euro/sterling account Currency Management Start to Plan Vouchers, etc. Brexit Events, Review contract terms to Working capital levels Research & News. future proof against Investment decisions upcoming changes. Engage with Others: Identify sources of Employees’, Customers, Access to EU Funding finance/investment if Suppliers, Development Increased import costs (NI) required. agencies, Politicians, Build cash reserves Representative bodies, VAT Factor additional costs into Finance providers. business model. 11.
DO: ACT ENGAGE PLAN • Build Margins Engage with ITI: How might your • Innovate business be impacted Brexit Advisory Service, by potential changes Start to Plan Vouchers, • Develop Brexit Events, in: capabilities Research & News. • Supply Chain • People • Value adding Engage with Others : • Finance Employees’, Customers, relationships Suppliers, Development under different deal • Attend seminars agencies, Politicians, scenarios. Representative bodies, and industry Finance providers. events DON’T BECOME DISTRACTED BY BREXIT – BUSINESS AS USUAL COMES FIRST ACT UPON EVERY MINUTIAE DEVELOPMENT IN NEGOTIATIONS IGNORE BREXIT AND ASSUME IT WONT IMPACT YOUR BUSINESS 12.
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