Brexit will have a huge impact on businesses in the UK. Many companies have already found that existing contracts or policies with customers, or supply chains – need to be reassessed to account for the upcoming changes. For those who have not fully considered the impact on their business, immediate action is now required. As a company director, it is your duty to “promote the success of the company”. This includes exercising reasonable care and diligence, following legislative changes. With this in mind, it means that company directors must fully prepare for Brexit and its potential effects. No matter your position on trading with the EU, the best way to get Brexit-ready is to understand the different ways business may be affected. We look into some of the most important things to consider and prepare for as a UK business owner affected by Brexit.
Employment of non-UK nationals
One way that a lot of businesses will be affected by Brexit is through the employment of non-UK nationals. On 1 January 2021, free movement of EU/EEA citizens will end and a new points-based immigration system will replace it. If your business currently employs or plans to employ EU residents, you will need to seek advice and check their legal work statuses. If you require employees to have certain qualifications, you may need to check whether these will still be valid in the UK.Click here to learn more.