Brexit Ready: Quick guide for SMEs
The Brexit transition period is set to end on the 31st of December 2020, and we’re still unsure of what will happen after this date. Businesses in all industries have been going through a period of adaptation to what the latest requirements are and many business owners fear the impact these changes will have on their workforce, trade agreements, tax and duty, safety standards, and many more areas.
This blog article will answer some of the most FAQs about Brexit and we will provide a list of websites that offer more information about the new developments and guidance.
What is the Brexit transition period?
The UK left the European Union on 31st January 2020 and entered a transition period that is set to end on 31 December 2020. This means that during this time the UK remain in both the EU customs union and single market, in other words, most things remain the same until the transition ends.
What is a no-deal Brexit?
As the transition period is coming to an end soon, the so famous “no-deal” scenario is always changing, but from the business perspective, this is how it could look like. If the UK will not make trade agreements with the EU by the end of the transition period then higher trade tariffs might apply, more extensive border checks will come into place, and so on.
Regardless of the result of trade agreements, the UK status will be ‘third country’ for the EU.
Any result of a deal or agreement between the UK and the EU will come into effect immediately as of 31st December 2020.
How do I perform a Brexit impact assessment?
Many online tools provide impact assessments and guidance. If you haven’t done so already, you can visit the Local Enterprise Office website, there are checklists, scorecards, and other resources for SMEs.
How will Brexit affect the GDPR?
If the UK leaves the EU without agreeing to an arrangement for the continued transfer of personal data from the EU to the UK, the UK will be treated as a ‘third country’ without an adequacy decision. This means that an EU-based data controller or data processor expecting to transfer personal data to the UK would need to apply a mechanism providing specific safeguards to ensure an adequate level of protection for that data
How can the Irish microenterprise prepare for Brexit?
The Local Enterprise Office has issued a guide for small businesses called ‘Simple steps to prepare and protect your small business for Brexit”. It is worth giving a double read in case you have not already done so.
How can Irish small businesses prepare for Brexit?
There are many resources and information available for small businesses. While small business owners may struggle to manage change, luckily there is plenty of guides and online tools that can help in the process. The Local Enterprise Office offers mentoring and has online resources, moreover, another helpful website is Prepare for Brexit by Enterprise Ireland.
Getting ready for the end of the transition period is a difficult and challenging task due to the present uncertainty. However, there are many resources and information online available that are constantly being updated as new developments are announced that can help you through this process.