Nicolas Groffman, partner and head of the international team at HCR shares his top tips for all businesses:
- Keep a close eye on intellectual property (IP) protections – patents, trademarks, registered design rights and copyright could all change after Brexit so audit your IP protection now and double check after Brexit
- Customs declarations are likely to be more onerous post-Brexit if the UK leaves the single market, so update your business operation software to prepare for this extra burden – HMRC estimates the number of customs declarations will rise from 55m to 255m annually.
And for businesses looking to trade beyond the EU:
- Obtain Authorised Economic Operator status, which is time-consuming to achieve but speeds up customs clearance
- Make a ‘plan B’ – consider warehousing or alternative transport methods to deal with border delays
- Ensure you have appropriate cash flow for VAT and additional inventory
- Check international contracts – make sure they are strong enough in the territories you want to operate in
- Review your supply chains – can your suppliers meet their contracts with you or do you need to look for new suppliers?