Steps for SMEs to Get Ready for Brexit

2 mins read

The UK will be leaving the EU on 31 October. This will bring important changes to doing business. Here are six things small and medium-sized businesses can do now to get ready, courtesy of BEIS.

1. Make sure your employees’ professional qualifications are recognised in the UK, European Economic Area (EEA) and Switzerland

Make sure your employees’ professional qualifications are recognised in countries they are doing business. EEA (EU and Iceland, Liechtenstein, Norway) or Swiss qualified professionals working in UK-regulated professions will need their qualifications recognised by the relevant UK regulator.

UK professionals working in the EEA or Switzerland will need their qualifications recognised by the relevant regulator in the country they want to work in. Check if you need to take action on gov.uk/brexit and search ‘providing services to the EU’.

2. Signpost the EU Settlement Scheme

Employers can help their EU, EEA and Swiss staff get the information they need to apply for status under the EU Settlement Scheme. This will enable them to secure their rights in the UK. Applicants have until at least 31 December 2020 to make an application. Visit gov.uk/brexit and search ‘EU Settlement Scheme Employer Toolkit’ for more information.

3. Act now to continue legally receiving personal data from the EU/EEA after Brexit.

Check how you can legally continue to receive personal data such as names, addresses or payroll details from organisations in the EU or EEA after 31 October. You may need to update your contracts or take other steps. An example of a personal data transfer from an EU/EEA partner is a UK company that receives customer information from an EU/EEA company, such as names and addresses of customers, suppliers or partners to provide goods or services.

Find additional information at gov.uk/brexit-personal-data or visit the Information Commissioner's Office (ICO) guidance at ico.org.uk and search for ‘data protection and Brexit’.

4. Check requirements to operate in EU member states

Check the regulations for EU/EEA countries to ensure you can still operate there, as UK businesses, service providers, employees and self-employed persons may face additional legal, regulatory and administrative barriers, including visas or work permits. Visit gov.uk/brexit and search ‘providing services to the EU’.

5. Prepare for new customs and VAT procedures at the border when trading with the EU

To continue importing from and exporting to the EU after 31 October there are changes you need to make now. Make sure you have an Economic Operators Registration and Identification (EORI) number that starts with GB, it’s quick, easy and free to do on gov.uk/Brexit.

For businesses that import there’s also the option of applying to make this easier with transitional simplified procedures (TSP). This streamlines the process and is ideal for those new to customs procedures.

Find step-by-step guides to importing and exporting, as well as more information at gov.uk/brexit-traders.

6. Check whether any EU funding you receive will be guaranteed

The government has guaranteed that UK organisations will continue to receive funding over their projects’ lifetimes if they have successfully bid into EU-funded programmes up to the end of 2020. Payments can extend beyond 2020.

To find out about a specific fund, search gov.uk/brexit for ‘European and domestic funding after Brexit’.

Speak with your lawyer and accountant or visit gov.uk/brexit for tailored business information and to sign up for email updates.