Brexit – What To Expect For Businesses

January 1st 2021, saw the UK officially leaving the European Union, ending the free movement of people, goods and services between the UK and the EU. This means significant differences to how people live, work and travel.

Here are some of the most important things that are changing:

How Brexit Affects Travel

You may need to do extra things before you travel to the EU, Switzerland, Norway, Iceland or Liechtenstein, such as:

Guidance for UK businesses Post-Brexit

If you have a UK business, you might face restrictions on your ability to own, manage or direct a company registered in the EU, Switzerland, Norway, Iceland and Liechtenstein.

You should be prepared for:

• Additional requirements on the nationality or residency of senior managers or directors.
• Limits on the amount of equity that can be held by non-nationals.

UK companies and limited liability partnerships that have their central administration, or principal place of business in certain EU member states, may no longer have their limited liability recognised.

In terms of trade regulations, if you’re a UK business or professional providing services or investing in the EU, Iceland, Liechtenstein, Norway, or Switzerland, you’ll need to check the national regulations of the country you’re doing business in to understand how best to operate.

See the guides to providing services guides to each country for more information.

How Brexit Affects Immigration

There will be a new points-based system for foreign citizens (except Irish nationals) wanting to move to the UK. The government says it will treat EU and non-EU citizens equally and will aim to attract people who can contribute to the UK economy. People wanting to move to the UK to work, live or study will have to apply and pay for a visa. It will cost £348 to apply for a student visa from outside the UK, or £475 to extend or switch one from inside the UK.

Applying for a visa as a skilled worker will cost between £610 and £1,408 per person, unless an individual has skills the country is urgently requiring. People applying for visas will also have to pay a health surcharge of £624 per person per year, unless they are healthcare workers.

We want to ensure that you get the right people on your team, with the right paperwork. Find out more about our HR department HERE. 

We hope this has helped you understand the implications of Brexit on business and whether you will be affected. If you require any more information on Brexit or anything accounting related for that matter, please don’t hesitate to get in contact with us at Nordens where one of our trusted advisors would be happy talking you through your query.

02085300720 or email businessdevelopment@nordens.co.uk