Category Archives: Brexit

Brexit, News

African and Eastern European Translations Increase as UK Businesses Expand Outside EU

New data suggests a surge in UK business growth in territories such as Africa and Eastern Europe, with business materials being translated into languages such as Zulu, Afrikaans, Serbian and Macedonian at least 2,000 per cent more than three years ago.

In comparison, translations to French (+17%), Italian (+1.9%) and German (+1.8%) have experienced minimal growth, while other languages – such as European Spanish (-5%) – have seen decreases in translation in the same period.

Data from translation and language specialist The Translation People reveals that translations into Macedonian (+3,500%), Afrikaans (+2,400%), Zulu (+2,300%) and Serbian (+2,000%), have the highest reported increases in the last three years.

Figures from The Translation People, which has over 40 years’ experience of delivering high quality translation services in 300 different language combinations, that the 10 fastest growing business languages between 2016 and 2019 were:

  1. Macedonian – +3,500%
  2. Afrikaans – +2,400%
  3. Zulu – +2,300%
  4. Serbian – +2,000%
  5. Burmese – +1,800%
  6. Turkish – +1,200%
  7. Catalan – +870%
  8. Indonesian – +428%
  9. Kazakh – +352%
  10. Tagalog – +329%

In comparison, the fastest decreases in translation have occurred in the following languages:

  1. Punjabi – -75.5%
  2. Galician – -75.2%
  3. Gaelic – -67.5%
  4. Urdu – -48.7%
  5. Swahili – -47.2%
  6. Latin American Spanish – -41.6%
  7. Brazilian Portuguese – -27.3%
  8. Welsh – -20.3%
  9. Malay – -15%
  10. Swedish – -14.4%

Commenting on the insights from The Translation People, Andy Cristin, finance director at Pareto Financial Directive Ltd who specialises in helping UK business expand overseas, said:

“It’s interesting to note these emerging trends in language translation, particularly that there is an increase in translation of UK business material into African languages.

“African and South-Eastern European countries are logical bases for physical supply chain partnerships. They have cheaper labour costs compared to the EU and for the South-Eastern European countries, shorter transport routes than India or China. shorter transport routes than India or China. The workforces are educated, skilled and multi-lingual and the time differences allow for better communications than with the Far East, putting them on a more level playing field with UK employees.

“Overseas expansion to these areas is particularly suited to medium-sized businesses from more traditional industries – manufacturing, automotive and professional services, for example – rather than those with specialist or highly technical operations. For these types of businesses, the sourcing of relevant expertise can work out much more expensive and instead become a drain on a business, rather than an opportunity.

“We expect to see more UK businesses expanding to these areas, too, as the years go by. Brexit is driving businesses to insure themselves with a second source of supply outside of EU territory; those who do so successfully won’t see any need to migrate back to Europe even when trade deals are established, and it will encourage more businesses to consider alternative options to those offered by our closest neighbours.”

Alan White, business development manager at The Translation People, said:

“Language trends such as those identified in our data are indicative of the ways in which UK businesses are changing. Brexit has caused a major shake-up for those that had originally planned to expand into Europe; the uncertain nature of what the future holds in countries such as France, Germany and Spain has seen fewer companies seek a new footprint here and instead they are looking further afield.

“When targeting a new territory, it’s essential to be properly equipped from a linguistic and cultural perspective. Whether a business plans to have a workforce overseas, or to sell to customers there, individuals will more readily buy from and work with brands which are fully localised and are supported by translated websites, videos and user instructions.

“Because we can translate B2B materials into over 300 languages, we are well positioned to help businesses launch their brands or operations into any country of the world, and have supported businesses in sectors as diverse as logistics, car rental services, manufacturing and online learning to do just that. Even in countries where employees and workers are more confident in English, for efficiency, accuracy and inclusivity, it’s always beneficial to have materials translated into the native languages the teams speak.

“This data shows that British companies are feeling more empowered to consider territories they may never have done before, which will continue to put the UK at the centre of global business.”

Brexit, News

African and Eastern European Translations Increase as UK Businesses Expand Outside EU

New data suggests a surge in UK business growth in territories such as Africa and Eastern Europe, with business materials being translated into languages such as Zulu, Afrikaans, Serbian and Macedonian at least 2,000 per cent more than three years ago.

In comparison, translations to French (+17%), Italian (+1.9%) and German (+1.8%) have experienced minimal growth, while other languages – such as European Spanish (-5%) – have seen decreases in translation in the same period.

Data from translation and language specialist The Translation People reveals that translations into Macedonian (+3,500%), Afrikaans (+2,400%), Zulu (+2,300%) and Serbian (+2,000%), have the highest reported increases in the last three years.

Figures from The Translation People, which has over 40 years’ experience of delivering high quality translation services in 300 different language combinations, that the 10 fastest growing business languages between 2016 and 2019 were:
1. Macedonian – +3,500%
2. Afrikaans – +2,400%
3. Zulu – +2,300%
4. Serbian – +2,000%
5. Burmese – +1,800%
6. Turkish – +1,200%
7. Catalan – +870%
8. Indonesian – +428%
9. Kazakh – +352%
10. Tagalog – +329%
In comparison, the fastest decreases in translation have occurred in the following languages:
1. Punjabi – -75.5%
2. Galician – -75.2%
3. Gaelic – -67.5%
4. Urdu – -48.7%
5. Swahili – -47.2%
6. Latin American Spanish – -41.6%
7. Brazilian Portuguese – -27.3%
8. Welsh – -20.3%
9. Malay – -15%
10. Swedish – -14.4%

Commenting on the insights from The Translation People, Andy Cristin, finance director at Pareto Financial Directive Ltd who specialises in helping UK business expand overseas, said:

“It’s interesting to note these emerging trends in language translation, particularly that there is an increase in translation of UK business material into African languages.

“African and South-Eastern European countries are logical bases for physical supply chain partnerships. They have cheaper labour costs compared to the EU and for the South-Eastern European countries, shorter transport routes than India or China. shorter transport routes than India or China. The workforces are educated, skilled and multi-lingual and the time differences allow for better communications than with the Far East, putting them on a more level playing field with UK employees.

“Overseas expansion to these areas is particularly suited to medium-sized businesses from more traditional industries – manufacturing, automotive and professional services, for example – rather than those with specialist or highly technical operations. For these types of businesses, the sourcing of relevant expertise can work out much more expensive and instead become a drain on a business, rather than an opportunity.

“We expect to see more UK businesses expanding to these areas, too, as the years go by. Brexit is driving businesses to insure themselves with a second source of supply outside of EU territory; those who do so successfully won’t see any need to migrate back to Europe even when trade deals are established, and it will encourage more businesses to consider alternative options to those offered by our closest neighbours.”

Alan White, business development manager at The Translation People, said:

“Language trends such as those identified in our data are indicative of the ways in which UK businesses are changing. Brexit has caused a major shake-up for those that had originally planned to expand into Europe; the uncertain nature of what the future holds in countries such as France, Germany and Spain has seen fewer companies seek a new footprint here and instead they are looking further afield.

“When targeting a new territory, it’s essential to be properly equipped from a linguistic and cultural perspective. Whether a business plans to have a workforce overseas, or to sell to customers there, individuals will more readily buy from and work with brands which are fully localised and are supported by translated websites, videos and user instructions.

“Because we can translate B2B materials into over 300 languages, we are well positioned to help businesses launch their brands or operations into any country of the world, and have supported businesses in sectors as diverse as logistics, car rental services, manufacturing and online learning to do just that. Even in countries where employees and workers are more confident in English, for efficiency, accuracy and inclusivity, it’s always beneficial to have materials translated into the native languages the teams speak.
“This data shows that British companies are feeling more empowered to consider territories they may never have done before, which will continue to put the UK at the centre of global business.”

More information can be found here: https://www.thetranslationpeople.com/2020/09/translations-to-african-and-eastern-european-languages-vital-for-uk-business-growth/

Brexit, Data & Analytics, Law, News

LAW FIRM WARNS OF POST BREXIT GDPR IMPACT

Conexus Law, the specialist advisory firm that provides legal and commercial advice to clients who work in sectors where the built environment, technology, engineering and people converge, is urging companies to prepare for the strong possibility that the EU will fail to agree that the UK has an “adequate data protection regime” after the transition period at the end of the year. This will mean that businesses will face barriers transferring personal data to and from the UK to EU countries under GDPR. The warning comes on the back of the ruling by the European Court of Justice at the beginning of July that reversed the prior adequacy decision of the EU for the USA – rendering its Privacy Shield ineffective.

Ed Cooke, Founder at Conexus Law said: “The UK’s use of mass surveillance techniques, our Investigatory Powers Act, and our membership of the Five Eyes intelligence sharing community has raised particular concerns with the EU – especially in relation to the sharing of data with the US, and even more so given the recent Schrems II decision on the Privacy Shield scheme. What is clear is that once a decision has been made then companies will need to move quickly to ensure they are not severely impacted.”

Failure to reach an agreement would mean that companies will need to look at alternatives such as Standard Contractual Clauses and binding corporate rules. Ed reiterates that merely relying on consent is not really an option for most businesses.

“Each of these options has its challenges with consent generally viewed to be unworkable as it can be revoked at any time. Standard Contractual Clauses were upheld in the ECJ in its judgment on Privacy Shield, but the judges did cast some doubt on whether or not these offer suitable protection in all cases without businesses adopting further practical measures such as encryption, to ensure the protection of personal data,” explains Ed.

Conexus Law is advising companies to start preparing now. Companies should already have a full audit of what personal data they collect and where it is stored and transferred to, including back-ups that may be held by cloud-based providers with datacentres all over the world. This audit needs to include all suppliers and partners that data is shared with. The next stage is to look at standard contractual clauses and decide whether further measures are required based on the specific data being transferred. If not, consideration should be given additional methods such as encryption.

“It seems that an adequacy ruling under GDPR is being used as a BREXIT bargaining chip in relation to other unrelated diplomatic negotiations taking place. Unfortunately, businesses may end up bearing the brunt of this and I would highly recommend that they start to prepare now,” concludes Ed.

Brexit, Law, News

Businesses Should Act Now to Employ EU Workers post-Brexit

EXPERT immigration lawyers say tens of thousands of businesses could face a battle to register in time for the right to employ workers from the EU from 2021 – unless they act quickly and prioritise their planning now.

As Priti Patel announced recently, the new Points Based Immigration system will be in place from January next year, essentially ending free movement. This means any employer employing EU citizens arriving in the UK from that date, will have to apply for a sponsorship licence or a “Skilled Worker Licence” as it will be known under the new regime.

Employment law specialists at law firm Boyes Turner say as many as 900,000 businesses could be affected by the changes, which are expected to place a huge strain on Home Office resources and immigration officials.

Sectors including food and drink manufacturing, leisure and hospitality, construction, retail, residential and social care and the UK’s rapidly growing tech sector are among those expected to be hardest hit by the changes.

Businesses will also have to budget for additional fees – £1,500 for the sponsorship application licence itself, as well as an immigration skills charge of up to £5,000 per worker.

Claire Taylor-Evans, a senior associate in Employment and Corporate Immigration at Boyes Turner, said businesses will also have to adjust to the highly regulated sponsorship regime, with detailed compliance rules for every EU citizen they employ post-Brexit.

She said businesses should be proactive to ensure they protect their ability to recruit EU workers post 2021 and stay ahead of their competitors in an increasingly shrinking talent pool. They should:-

1. Register as early as possible for a sponsor’s licence to beat the inevitable rush in the build up to the new system coming into effect;

2. Protect any sponsorship licence they currently have by investing in compliance training to avoid losing their licence, and their employees having to leave the UK, and;

3. For existing EU workers in the UK , companies should ensure their staff already know what they need to do to register under the EU settlement scheme and assist them in registering if needs be.

Claire said: “This will be a huge change for hundreds of thousands of businesses and it will create huge pressure on an immigration system which is already overwhelmed.

“As we get ever closer to 2021, that pressure will build further and there’s a very real risk that some firms will miss out on having their licence in place by the deadline and will be unable to recruit the talent they need.”

She added that the application system was complex and that applications will be rejected by Home Office officials if they do not meet the levels of information required, which could lead to more businesses facing issues.

“For larger businesses with expert HR teams, this will be challenging but for smaller businesses who don’t have specialist teams, there’s a very real risk of them losing valuable time battling their way through official forms and having their applications rejected if they don’t get specialist advice to make sure they get it right first time,” she said.

To learn moew visit: https://www.boyesturner.com/

 

Brexit, Immigration, News

New points-based immigration system slated by Trade Unions and Recruitment Trade Body

Following the publication of further details on the new points-based immigration system, Trade Unions and Recruiters have been highly critical of the new system, which has failed to make provisions for the hospitality industry and care workers, two sectors which rely heavily on overseas talent, and has not set out provisions for highly skilled independent professionals, such as software developers and construction experts.

The Association of Professional Staffing Companies (APSCo) expressed their disappointment at the lack of detail around the immigration process for highly skilled independent professionals.

Commenting on the published document, Tania Bowers, Legal Counsel and Head of Public Policy said:

“It is no secret that there are skills shortages across many high skilled sectors such as engineering, technology, construction and life sciences. Consequently, we need to have an immigration system that recognises that the UK’s ability to attract world class brands to set up business here and to negotiate advantageous trade deals after Brexit transition. This pivots on access to skills and a flexible workforce.”

“The Tier 1 Global Talent visa is extremely limited in scope and while the document makes reference to a broader unsponsored route within the points based system which will allow a smaller number of the most highly skilled workers to come to the UK without a job offer, the Home Office has made clear that this will not open from January 1 2021.”

“Without this points based scheme for the highly skilled, some of the Government’s most important infrastructure plans will be effectively scuppered post Brexit transition as neither recruitment firms nor umbrella companies can be sponsoring organisations.”

“We have asked to be part of the stakeholder group which will be consulted on this visa over the coming year and will be pushing hard to ensure that it allows a route for highly skilled independent professionals.”

Meanwhile, there is growing criticism that the new points system has failed to include provisions for overseas care workers, who will not receive special visa dispensation, unlike graduates, scientists, NHS staff and agricultural workers.  Highlighted by the recent pandemic, the sector is vital and the GMB have warned of ‘almost a 500,000-person black hole’ after their analysis of official figures revealed that more than 350,000 adult care workers were born outside the UK in the year to September 2019 – a figure that has risen by 43% in the past decade.

Rachel Harrison, GMB’s national officer, said: “For the likes of the home secretary to brand the care workers our whole society relies on as ‘low-skilled’ is a bit rich and has caused stress and anxiety for people who do an outstanding job day in, day out.”

Prof Martin Green, the chief executive of Care England, which represents the largest private providers, said the decision, amid a pandemic in which 20,000 people have died in UK care homes, “has the potential to destabilise the sector even further with potentially disastrous consequences”.

Christina McAnea, Unison assistant general secretary,added:

“​Social care was in crisis long before the pandemic. Refusing to include care workers in the ​new NHS visa is a disastrous mistake that will make ​existing problems spiral.

“The sector is desperately short of staff and​ heavily reliant on the skills of overseas workers. Recruitment will​ now become even harder.”

Brexit, Case Studies and Partnerships, FInance

MHA Tait Walker’s Wealth Management And Tax Teams Work Together Prior To First Budget Of Post-Brexit UK

MHA Tait Walker’s wealth management and tax teams are working together to provide specialist advice for clients ahead of the first Budget of a post-Brexit UK. (March 11)

Mark Parkinson, a partner in the Wealth Management team at MHA Tait Walker, said:

“This Budget is going to be an interesting one as it will be Britain’s first as a non-EU member state in more than 40 years. We are waiting to hear with interest what the new Chancellor has to say and see whether the Budget delivers on the Government’s promises on tax.

“Changes to pension tax relief, Stamp Duty and inheritance tax (IHT) have all been flagged as potentially on the cards, while issues including social care and doctors’ pensions need dealing with, and even the prospect of a mansion tax has been floated in recent weeks.

“Post-Brexit clients are understandably uncertain about the future. Is their money invested in the right assets and geographies? How will leaving the EU impact them and their financial future? These are questions clients have been asking us since the 2016 referendum.

“Our response is generally the same advice – we have to meet regularly to ensure that their individual planning is on track and to re-focus on their objectives and timescales. Importantly, if the Government keeps its promises on tax proposals it’s a key time to look again at how, when and where client money is affected.

“Many wealth management decisions are closely linked to taxes that need to be reviewed with a client’s tax advisor. By working together, we can provide them with the assurance that we are working in their best interests. Ultimately we hope that this leads to a better client experience.”

Mark said from his perspective there is a clear alignment between the tax advisers and the financial planners in terms of strategy; an integrated service which ‘fills a gap in the market.’

He added that it’s an interesting time to be working in the financial planning profession with the upheaval of Brexit.

He said:

“By having the firm’s financial planners and tax advisors working together, it adds an increased likelihood that clients may well achieve better results.

“At this time of year, we have been talking to clients about their tax returns and our financial planners have been able to sit down with the tax team to look at ways of helping people mitigate any tax that they have before they submit their tax returns.

“The long-term impact of Brexit on pensions and investments cannot be ignored and that is really difficult to predict right now. Uncertainty has created volatility, but it is important that we help our clients focus on their long-term investments.”

Mark, a former partner at a global banking giant in the North West, joined MHA Tait Walker as partner in the leading accountancy firm eight years ago. Since then he has grown the team significantly and seen headcount in the wealth management team increase from nine to 29.

He said:

“Each of our team members has a different speciality, so they put their heads together to share ideas before getting together with clients. This relationship means that the firm can offer a complete set of financial services for clients.
“Our team collaborates to develop integrated strategies for financial, estate planning and retirement to maximise a client’s wealth.

He added:

“There is certainly demand for what we offer in the North East as it’s becoming increasingly more complicated for clients today, in terms of tax, because there are a whole host of LISAs, ISAs and pensions to think about.

“Clients want to know what’s best, but, it’s not a one-size-fits-all solution and the answer is to come and talk to us. Sound financial planning is vital if you are to achieve financial independence. This is particularly important when it comes to retirement or succession planning.

“Younger people might think they don’t have to think about it for many years, but a good financial decision early on can be very lucrative in later years.”

Mark added that there are plans to expand the team further and they will be taking on a new apprentice soon.

He said: “We’ve made it our mission to train young people and pass on our specialist knowledge to ensure that, for many years to come, the firm continues to provide specialist wealth management expertise across the sectors we are committed to.”

Brexit, News, South East

UK says goodbye to Europe, Bedfont says hello

Just as the UK exits the EU, scientific company Bedfont Scientific Ltd.  this week announced it has acquired its’ first overseas office in Austria

Bedfont, based in Kent, has purchased its first European office in Salzburg, Austria from Dr. Lahner GmbH, who was its first distributor when Bedfont began exporting in 1988. Bedfont has been in talks with Dr. Lahner for several months and is pleased to announce that the deal completed on Friday 31st January 2020.

Bedfont is confident this move will only strengthen its presence in Europe by increasing both brand and product awareness, helping them to gain access to new markets, including, Germany.

Jason Smith, Managing Director, comments,

“The plan has always been to branch out with additional offices strategically located across the globe but Brexit has expedited this process to a small extent – regardless, I am very happy to announce that we have acquired our first European office and we’re excited to work alongside Dorothea.”

Dr. Dorothea Lahner says,

“As a Managing Director, I have always believed customer satisfaction is the key to success. As a customer of Bedfont since 1988, the dedication that Bedfont shows me as a customer is unfaltering. I look forward to helping Bedfont with the transition to establish their new European office and wish them all the success in the future.”

Brexit, News

UK firms expand into overseas markets in post-Brexit landscape

With the UK adjusting to life outside the EU, three in four UK businesses (78%) are putting plans in place to adapt for growth post-Brexit. 18% of firms have plans to expand into new overseas markets whilst one in seven are even putting plans in place to move their headquarters to an EU destination, according to new business research commissioned by ThoughtWorks, a global software consultancy.

Interestingly, the study on 1,026 businesses also discovered that there were almost as many businesses planning to expand abroad (18%) as there were enterprises focusing more on the domestic market (23%). The difference came down to technology. Businesses making the most of their tech assets were those most likely to be looking at overseas expansion (23%). Businesses that were improving their use of technology, but were some way behind the market leaders, were most likely to focus on attempting to grow their market in the UK (25%).

Regional highlights

From the research, ThoughtWorks found that the attitudes of business leaders towards securing growth after Brexit varied city-by-city around the UK. Whilst the Brexit political debate has largely been associated with London and Edinburgh, from a business perspective the research suggests it impacts various cities quite differently.

London businesses were the most likely to seek business partnerships in EU countries (27%) and to digitise their back office and legacy systems in order to become more efficient (21%). Businesses in the capital were also most likely to employ more staff that spoke foreign languages (20%).

Birmingham businesses were most likely to invest in digital transformation programmes (21%) as part of a plan to secure growth after the UK leaves the EU.

Leeds business decision makers were most likely to be looking at reducing their cost base and staff numbers (26%).

Glasgow was the city where businesses were most likely to say they would invest more resources into AI and machine learning (18%).

Liverpool businesses were most likely to prioritise the diversification of their business across more product lines and channels (30%).

In Manchester and Newcastle, business leaders were most likely to say they would focus on growing the domestic market (30% and 34% respectively).

Further, Newcastle businesses were most likely to plan a move into new overseas markets (34%) and seek new partnerships in EU European countries (29%).

Bristol was the city where businesses were most likely to consider moving their head office to an EU country (20%).

Luke Vinogradov, Digital Transformation Principal, ThoughtWorks commented:

“For years, people have speculated about the impact of Brexit. Since Friday of last week the speculation has ended as Britain sets out on a new journey. For the business community there will be uncertainty and those that turn it to their advantage will be the agile enterprises that anticipate change and adapt quickly. Our research suggests technology will be key. Those enterprises that fully use technology to achieve competitive advantage are already making plans to expand, to innovate and to grow.

“As a trusted partner for many leading organisations, ThoughtWorks is helping businesses on their digital transformation journey. Across any organisation, making tech work for you means making choices.

“New ways of working can align your whole business around customer value; data can help you to build engagement and advantage; platform thinking and a test-and-learn approach will maximise the impact of your investments; and a delivery mindset will help you cut through the complexity and get things done. All of these digital capabilities can help businesses to modernise, change and grow – and get in shape to seize the opportunities that the post-Brexit era may present.”

For more information visit: www.thoughtworks.com

Brexit, Transport, Travel

Ferry industry reassures jittery holiday-makers: no changes to EU ferry travel requirements throughout 2020

As Brexit uncertainty continues to bite, new research for the ferry sector has revealed mass confusion among potential travellers. Industry body Discover Ferries, is seeking to clarify and reassure holiday makers that there will be no change in requirements for people wanting to travel via ferry between the UK and the EU post January 31. This will be the situation for at least the rest of 2020 during the transition period, now the UK government has passed the EU Withdrawal Agreement.

The research indicates widespread confusion about travel to EU countries and even ferry travel within the British Isles. Of 2,000 survey respondents, an alarming 68% admitted they were not sure what changes will apply for travel to EU countries from February 1, 30% said they thought they would need a visa to enter any EU country and almost a fifth (19%) thought they would need a passport to travel to Jersey and Guernsey, which are part of the British Isles. Neither of which is true.

There was similar uncertainty over pet travel. Over a quarter of respondents (27%) said they will need to take extra steps to take their pets abroad, while 44% fear that their European Health Insurance Card (EHIC) will no longer be valid, which is also untrue

The effect on consumer confidence was also clear in the results. Almost a quarter (24%) of people have been consciously delaying their 2020 holiday plans until after January 31 this year. Almost half (46%), expressed their desire for more reassurance.

“It is clear that there is a lot of confusion around travel to EU countries this year, resulting in many people delaying their holiday plans,” said Emma Batchelor, director of Discover Ferries.

“I would therefore like to reassure anyone looking to travel by ferry this year that there are no changes; all valid passports, EHIC cards and pet passports will still be authorised for travel to the EU and there will not be any new requirement for visas to Europe or passports to travel to the British Isles.

“I also encourage the government and the wider travel sector to support the message that nothing changes this year, and that people should book their 2020 summer holiday with confidence,” added Mrs Batchelor.

For further information on travel requirements, visit www.discoverferries.com/FAQs .

Brexit, Law

Seven Tips for Small Businesses Amidst ‘Brexit Uncertainty’ As 51% Reveal They’re Optimistic About Future Plans

51% of UK SME owners have revealed they’re optimistic about the future, despite some dire Brexit predictions.

Commercial legal solicitors, Spratt Endicott advise there are still legalities that SME business owners should be aware of and putting into action in a bid to place their business in the best possible position ahead of the Brexit deadline.

New data from a study conducted by Clearwater International has revealed out of the 2,100 European companies surveyed in major Western European economies, Brexit anxiety is present across Europe, with 23.9% of all firms highlighting it as being among the top three challenges their business faces.

However, while anticipating and preparing for Brexit is a short-term issue, particularly as many still have doubt over the actual leaving date, 46.5% of European firms in the study are a lot more optimistic about their fortunes post-Brexit, including 51% of British companies.

Catherine O’Riordan, Senior Commercial Lawyer at Spratt Endicott explains:

“The growing concern for SME business owners is to understand what a no-deal Brexit means for them and how best to prepare. It’s essential that small businesses take action to prepare for a no-deal situation and business owners understand the impact Brexit is likely to have on their organisation and other businesses in their supply chain – in the short term and the long term.

Research from the Federation of Small Businesses (FSB) Research reveals only one in five business owners (21%) have planned or prepared for anticipated issues following the UK leaving the EU on the 31st January.

Catherine O’Riordan shares seven tips geared towards small business owners, on what to do to prepare your business or organisation for Brexit;

International supply chain

In the event of a no-deal Brexit, the UK will leave the EU Customs Union and become a third country for the purposes of EU import/export control. Trade between the UK and the remaining EU member states will subject to duties and customs procedural requirements. Businesses should consider the possible effect of tariffs on the costs of imports and exports.

Workforce

It is not clear whether the rights of UK and EU employees working in the UK will change after a no-deal Brexit. However, businesses employing EU, EEA and Swiss citizens[i] will need to prove employees’ right to work using their passport or national identity card and their status under the EU Settlement Scheme. Recruitment strategies may need to be reviewed, particularly if your business is reliant on lower-skilled EU workers.

Insurance cover

Business owners are advised to review their insurance policies to check that they are covered for delays or cancellations in the production of goods or the provision of services. If business owners are stockpiling, it’s worth confirming the the sum insured under the business policy is sufficient to cover the additional stock.

Force Majeure

Broadly, force majeure provisions excuse a party from liability if that party is unable to perform its contractual obligations because of an event outside its control. Businesses should review force majeure provisions in contracts with customers and suppliers and consider whether they could be triggered by Brexit.

Intellectual property rights

Registered EU trademarks or registered Community designs will continue to be valid in the rest of the EU after Brexit but will be protected in the UK by a new, equivalent UK right. Businesses which have applied for an EU trademark or registered Community design which has not been granted at the date the UK leaves the EU will have to apply for the new UK right.

.eu domain names

.eu domain names are available to businesses established in the EU or the EEA. UK-based registrants of .eu domain names will have a 2 month grace period to demonstrate that they comply with the eligibility criteria ie that they have a legally established entity in the EEA , failing which their .eu domain name will be withdrawn. Businesses should review their domain name portfolios and consider how to deal with existing .eu domain names.

Personal Data

In leaving the EU UK organisations can still send personal data to the EU27, but the EU27 will no longer be able to send personal data to the UK unless there is a different mechanism in place.

The mechanism may be Binding Corporate Rules for organisations where the data is being received from overseas branches or (most commonly) Standard Contractual Clauses being incorporated into your agreements.