The British Chambers of Commerce (BCC) have released a list of 24 questions that need answering before Brexit officially arrives. Questions to do with Customs, Regulations, Tax and more are all still waiting to be addressed. The BCC says there is no more clarity for companies on the effects of Brexit than there was immediately after the referendum.
A statement published alongside the questions says: “For Chamber member companies, the ultimate test of any Brexit deal is whether it delivers clarity. Answers to practical questions – rather than endless debates over institutional and constitutional arrangements – are what firms of every size and sector need in order to make decisions, invest and prepare for the future.”
A RAG Rating on progress for getting these questions answers sees the vast majority (all bar two) on RED, meaning little to no movement has been made towards putting minds at ease on these issues. Businesses across the UK urgently need clarity on these issues, in order to plan trading post Brexit.
BCC plans to assess the progress of all the following questions:
Access to EU Workforce
Will I be able to hire EU nationals in future – and under what conditions?
Will business travel between the UK and the EU involve further administration, costs or visas?
Will my business be able to move skilled staff members between the UK and the EU in future?
Will UK firms and institutions be able to participate in European R&D projects after 2020?
European Investment Bank
Will UK projects be eligible for support from the EIB after 2020?
ESIF Funds UK Replacement
How will the UK replacement for EU Funds work, and how can my company access opportunities?
Will I need to pay VAT on goods at the point of import? Will I be able to use postponed accounting or have access to more generous deferment account terms to offset the cash-flow issues?
Will I need to become VAT-registered in every EU Member State where my firm has clients?
Which regulator will be overseeing my business in the future, and what rules do I need to follow? Is the UK government going to charge businesses for the creation of new regulatory agencies in the UK?
Will conformity assessments on products conducted by a UK body continue to be sufficient for the product to be sold on the EU market?
What dispute resolution and means of redress will be available to my business in the future?
What industrial standards will my firm need to comply with in the future, and will the UK stick with the European model that we have strongly influenced?
Will my business have to pay mobile roaming charges in the EU after Brexit?
Will be business continue to be able to hold and transfer data and personal information without any interruptions after we have left the EU?
Will I be able to continue trading without tariffs with the EU in the future?
Rules of Origin
What rules of origin will I need to comply with once the UK has left the EU?
Continuity of EU FTAs
Will my company still have access o markets on the same terms as now once we have left the European Union?
Business Engagement Structure
How will my business be able to contribute directly to future trade negotiations?
Will I still be able to fly people and/or goods between the UK and the EU after Brexit day – or could travel be disrupted?
Will my goods be subject to new customs rules, procedures and inspections at the UK or EU border in future? Could my shipments be held up and delayed?
Will there be new health or safety-related inspections at the UK-EU border that my company will need to deal with?
Will I need to do additional customs-related paperwork, including import and export declarations, when trading with the EU?
Trusted Trader Schemes
Will my business be able to become a ‘trusted trader’ to move quickly through borders in future – and what will the process be?
What, if any, procedures will my company face trading cross-border between Northern Ireland and the Republic of Ireland?
Only last month we were warned that the economy faces the lowest growth since 2009 it’s more important than ever that companies are taking steps to prepare for changes within their industries.
A spokesperson for the UK government stated that “Ministers continue to work closely with business to understand their concerns and by successfully negotiating the implementation period with the EU until December 2020, companies can carry on trading with confidence on the same terms as they do now.”
Adam Marshall, director-general of the BCC said: “With the time running out ahead of the UK’s exit from the EU, business patience is reaching breaking point.”
“The livelihoods of millions of people remain unanswered.”
Where R&D Comes In:
Research and Development claims are a specialist area of taxation and, if the process is done correctly, claims can come back totalling numbers that can push businesses towards further advancements in equipment, materials, staff and overall workflow and production in turn.
The HMRC initiative for Research and Development aims to reduce the likelihood of problems like this spiralling into a new economic crisis. Not only does the initiative promote innovation; but it’s pumping money back into hard working UK businesses. The cash rebates received by UK Limited companies through the initiative can help continue the growth of businesses: new equipment, machines, materials and even taking on new staff, have all been results of cash benefits from HMRC, through the Research and Development initiative.
Although the initiative has been in play since 2000, recent years have seen claims for Research and Development tax skyrocket, as the eligibility for submitting claims has opened to a much wider range of industries since Brexit, with the hopes to boost the UK Economy.
With this news coming to light, now is a better time than ever to start a claim or to start investing in innovation, with the knowledge that your hard work will be rewarded. A shocking 95% of UK companies eligible to claim, still haven’t due to common misconceptions that they are not eligible.
We work on a success-only basis, meaning we never waste the time of our specialists or your business if we don’t see R&D in your work. In one obligation-free phone call, our experienced industry experts will be able to find out whether your company has eligibility to get started on the process.
We work purely with Research & Development Tax Credits Claims and have a seamless process that assures no stone goes unturned and your company can maximise your benefits from HMRC.
Get in touch today or alternatively, for more information on the initiative click here, to find out more about how to claim, click here and to find out more about how our service can help your business to continue to grow, with claims at an average of £42K, click here.