You can navigate through our map below to explore how Brexit may impact your organisation or request a PDF of the full map.
The form of the future trading relationship between the UK and the EU will have a substantial impact on many organisations. On the one hand is the matter of ‘license to operate’, should a future trade deal mean that a company’s products or services no longer have full rights of access to the EU market. Additionally, divergence in standards or failure to agree regulatory equivalence could effectively restrict market access by adding cost and complexity to supply chains.
Dependent on the deal struck, it is possible that routes to the EU market will become less efficient for UK companies and vice versa, with costs associated with accessing the market including customs duties and other levies impacting the cost of getting goods to market and affecting supply chains. The EU market will still be accessible, but associated tariffs and quotas on goods and services will impact profitability and scale of market. Customs border checks and country of origin requirements will also potentially create delays, inefficiencies and further costs to current movement of goods or services.
Given the fundamental implications of changes to access to the Single Market, business should consider potential scenarios, starting with the default WTO position and consider changes to accessibility of and routes to market, supply chain optimisation and the impact of increased cost and complexity in trade.
In the short term, the vote in favour of leaving the EU will have little, if any, immediate impact on indirect or direct taxes. Few changes are likely to occur while the exit negotiations take place. The potential future relationship between the UK and the EU is unclear. A close association is likely to have less impact on many tax issues, but a more remote link will have a greater impact. For indirect tax, there is likely to be a significant impact on Customs Duty and VAT, where the UK will need its own taxation systems. Transactions to/from other EU states would become imports and exports with potential impacts on systems and cash flow. For direct tax, which have always been in the competence of member states, there would be fewer immediate impacts
Hear from David Noon, our Global Brexit Lead
Challenging assumptions around the possible implications of Brexit
Helping businesses get to grips with the potential cost impacts.
A sustainable approach to location strategy.
We have been helping clients to understand the current and future regulatory expectations and also to answer some key questions.
Update on Withdrawal Treaty expected at next EU Council on 28-29 June
This time next year, the UK will officially leave the EU.Read more
Six tax-related areas to focus on to make sure the UK makes the most of Brexit.Read more
Find out what the remaining 27 EU member states think about Brexit.Read more
Will post-Brexit UK continue to be a magnet for overseas talent?Find out
Discover our four practical steps to help shape the UK workplace for future prosperity.Discover now
Find out how our webinar audience answered.
Find out in our latest consumer review.
Explore our latest quarterly CFO survey.Explore now