How has Brexit affected small businesses?

Whilst much of the world has been focused on Covid-19 and the impact that it has had on our lives, it seems that Brexit and the UK post-Brexit has passed us by.

Despite this, we must understand the possible Brexit impact, particularly on UK small businesses and non-EU businesses too, which is why we have put together our guide on how Brexit might impact UK SME’s and how they sell to the EU.

VAT
In a post-Brexit world, small businesses will not be able to access the EU VAT refund system. Not only will this result in more admin to complete, but it also has a negative impact on cash flow too. It has always been said that the UK government is likely to find that they can validate UK VAT; however, this is still being developed.

Importing goods in from the EU
One thing that has changed already is how easy it is to import goods into the UK from EU countries. It will be harder to do and take longer.

Work visas might need to be applied for
If you are a business owner who is generally in and out of Europe for work, then one of the most significant changes you will find is with your travel and the documents you need. One key factor that you should consider is that you will need to apply for work visas to travel.

You will also need to look at your passport, as you should have at least six months left to travel into and around the EU.

There will be more checks on employees
Many businesses bring in employees from around the EU to have the best skills within their company. Whilst this will still be possible in a post-Brexit world, it may involve more work on your part. This includes immigration checks on the staff members coming into the UK to work and those that currently operate in the UK but are from the EU.

There may be supply chain delays
Of course, Covid has already taken its toll on the shipment of goods worldwide, but it looks like this will be even more.