In December, we posted a link to our guide to the Tax implications of Brexit.
Businesses should now be progressing their Brexit ‘audits’ to work out how they might be affected and starting to make contingency plans. ICAEW’s latest addition to our Brexit hub is the Brexit checklist which sets out a number of specific areas to consider.
Contingency planning takes each relevant area and then assesses whether to take action now, maintain a watching brief or choose to accept the implications with no action. We’ve stressed that even for implications that carry a net cost, there might still be opportunities for the business as a result of making the change. For example, switching suppliers might increase costs, but if the supplier is closer there could be opportunities to optimise the supply chain. This should all be assessed as part of the contingency plan.
It would have been better if the ICAEW had gone involved earlier. Contingency planning might have been avoidable.