It is too early to be sure what the implications will be as, despite the referendum result, Britain has yet to activate Article 50 of the Lisbon Treaty. Once activated, it will take up to an additional two years to complete the negotiations for exit. There will be a lot of politics going on behind closed doors and what is reported publicly may not be the whole story, and indeed there is a slim chance GB may not activate Article 50. It is prudent to have contingency plans in place for any areas relevant to your business. The following areas should be considered:

• Will the UK remain a member of the European Free Trade Area. Is so, this will minimise issues for businesses. There is no guarantee the EU will have an appetite to agree to this.
• If your business uses foreign currency and hasn’t already hedged in the long term with regard to both Euro and Sterling, it should consider doing so quickly.
• A review of regulation involved in doing your business within GB or the EU should be undertaken and an assessment of potential additional regulatory costs and barriers to doing business should be considered.
• Any current legal contracts entered into with between GB and EU entities should be reviewed.
• Any tax issues will need to be considered, in particular, VAT, excise duty, and transfer pricing with GB /EU transactions.
• Are there any potential issues with intellectual property rights within your business.
• Free movement of labour and work permit issues may need to be considered.

It is a time of great uncertainty, let’s hope common sense prevails and stability can be restored quickly.

What questions do you have?

We are happy to help. Please post your comment below or contact our friendly and knowledgeable team on 01 677 9000 or email: info@cooneycarey.ie To keep in touch, connect with our friendly team on LinkedIn.

If you found this article interesting, please share it with other businesses.