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:

  • Check your passport is valid.
  • Get travel insurance that covers your healthcare.
  • Check you have the right driving documents if purchasing car hire.

You can check the travel advice for the country you’re visiting for the latest information.

Due to the Coronavirus (COVID-19) pandemic, read the advice for travelling during the pandemic before you plan your trip.

There are also more things to do if you’re travelling for business. This includes attending meetings and conferences, providing services (even with a charity), and touring art or music. If you’re travelling to the EU, Switzerland, Norway, Iceland or Liechtenstein for less than 90 days in a 180-day period, you may be able to do some things without getting a visa or work permit, for example going to a business meeting.

You may need a visa, work permit or other documentation if you’re planning to stay for longer than 90 days in a 180-day period, or if you’ll be doing any of the following:

  • Transferring from the UK branch of a company to a branch in a different country (Intra-corporate transfer) even for a short period of time.
  • Carrying out contracts to provide a service to a client in another country in which your employer has no presence.
  • Providing services in another country as a self-employed person.

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.

Find out more about structuring your business HERE.

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 

 
Beyond Accountancy

At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.

Nordens Strategic

Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.

Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.

Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.

Accounting 2 You

Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.

Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.

With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.

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Chris Dyer

Director - Metro Bank

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Principal - Pauline Quirke Academy

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Founder - Dataphone

Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.

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Director - Linekers

Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!

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