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Key Potential Impacts of Brexit on UK Business

Potentially Negative Impacts

  1. A period of trade instability
  2. The need to write customs legislation as EU legislation is redundant. The UK may choose to adopt the EU current legislation and amend over time.
  3. Increased costs as with no FTA’s in place UK trade with countries like Mexico, South Africa, Chile, Turkey & Switzerland will be subject to duty
  4. Increased cost of trade between UK & the EU with cross border costs & bureaucracy & loss of priority/special treatment from EU
  5. Increased cost of business due to loss of benefit of customs reliefs
  6. The need to update computer systems as invoicing changes will be required
  7. The loss of EU customs & VAT reliefs & potential loss of mutual recognition under AEO

Potentially Positive Impacts

  1. UK can introduce UK beneficial Anti-dumping measures & set preferential excise duties to protect its wine or beer producers
  2. The potential for the removal of Intrastat & associated compliance reporting
  3. UK has Greater autonomy over VAT rates and reliefs

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