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Brexit FAQ

What does Brexit mean for your business?

The UK’s exit from the EU will definitely have an economic impact that all business owners should prepare for. Here is the list of the key areas to change and recommendations for business owners. 

Brexit and finance stocks

International trade

In the case of no-deal Brexit, the UK will totally separate from the EU. In that case, trade between countries will be regulated on the basis of international principles. Businesses will experience the greatest impact with continental European suppliers or customers. Trade with non-EU countries will also be affected by losing access to the EU’s current free trade arrangements. Logistics will slow down as border controls will take place.

Tariffs, or customs duties, will definitely change. Currently, the UK is still trading with the rest of the world according to EU tariff rates. But after the Brexit tariffs will depend either on trade agreements with each separate country or on the World Trade Organisation (WTO) rules.  

Note, that any import or export business must register for an Economic Operator Registration and Identification (EORI) number (the unique ID code used to track and register customs information in the EU). Businesses will not be able to move goods in and out of the UK without one. 

It’s still unknown if the UK manages to reach a free trade deal with the EU. We will keep you updated on the progress.

Workforce

If you run business in the UK, and you hire employees from the European Union European Economic Area (EEA) and Switzerland, certain measures should be taken. 

Each EU citizen wishing to remain in the UK after the 30th of June 2021 must apply for Settled Status. The application can be done prior to the 30th of December 2020. Learn more about the process and prepare the required documents and photos.

Each business owner should inform  EU workers of the latest developments and of their ability to remain in the UK after Brexit!

Services

UK service providers are currently exporting their services to the EU under the rules of the common market.  In the case of no-deal scenario, the relevant regulatory framework will be the rules of the World Trade Organization (WTO). Note, that the right to provide services in the EU market will not extend automatically, but details are still unveiled.

What can I do for my business in the UK at the moment?

Don’t worry: the Government has already taken measures to help business owners prepare for different scenarios.

First:  contact one of the 31 Local Enterprise Offices (LEOs) across the country. You will receive individual guidance and useful Government support to help you get your business Brexit ready.

Second: read the Brexit Preparedness Checklist produced by the Republic of Ireland government.  It describes the steps you can take now to get ready for Brexit.

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Brexit FAQ

Travel after Brexit

What do I need to do to travel from the UK to Europe/ from Europe to the UK after Brexit?

Traveling between Europe and the UK

If you are planning to travel between the UK and the EU in 2020, you can expect everything to stay the same as before. But when Brexit transition period comes to an end in December 2020, some changes will take place for travellers from both sides of the English Channel.  

We have collected the most useful information for you to know about it.

It’s better to renew your passport

After the transition period, Europe will require British passports to be issued less than 10 years ago. You will also need to have at least 6 months of validity after your intended return date: it’s a common rule when travelling internationally. If you ignore this requirement, you may not be able to travel to most EU countries, as well as to Iceland, Liechtenstein, Norway, and Switzerland.

The same rule applies to EU citizens: to enter the UK you will need a passport that expires in no less than 6 months.

You will not need a visa for a short trip

British tourists will be allowed to stay in EU countries, Liechtenstein, Iceland Norway, and Switzerland for up to 90 days in any 180-day period. But it’s possible, that in 2021 and beyond you may need a visa or permit for a longer stay. There is also a chance that at border control you may be asked to show a return ticket. 

One more change we should expect: when arriving at Passport Control UK Residents will not be able to use the EU Nationals speedy check lanes. So prepare to spend more time entering an EU country than before.

British will need to pass the  ETIAS Travel Authorization (but not right now)

The ETIAS, or the European Travel Information and Authorization System, will be an online system established by the EU. It will be compulsory for citizens of over 60 world countries that so far didn’t need a Schengen visa for short trips. And the UK is in this list as well. Under ETIAS visitors to the Schengen Area will have to obtain an authorization before their trip and pay a €7 fee. An approved ETIAS will be valid for three years or the date of passport expiry. You will be able to use it for stays of up to 90 days in a 180 day period.

Anyway, according to the latest news, the implementation of ETIAS system has been postponed. Now it’s expected to come in force only by 2023.

British drivers may need an International Driving Permit for riding abroad

It’s quite possible, that from 1 January 2021 some European countries will require UK drivers to have extra-documents  (especially for longer visits). International Driving Permit is easy to buy at Post Offices for £5.50. It is still under discussion if IDP will be needed in the EU, but this document is quite useful anyway, as it’s already required or recommended in over 140 countries.

You might also need the Green Card or International Insurance Card for your car, which proves that your insurance covers the minimum cover in the country you’re driving in. Ask your insurance company if they can supply you with one.

Free mobile roaming may end (but it’s also not certain yet)

Anyway, it will up to individual providers to decide whether or not they set charges. Currently the key UK networks like O2, Vodafone, Tesco Mobile, Giffgaff, etc. assure that they have no plans to change free roaming in Europe. But in future, their positions may change.

However, you will be protected from mobile data charges above £45 without you knowing. Operators are also required to send an alert once you’ve reached 80% and 100% of your own data roaming limit. 

You may need to declare your cash at the border if you have £10,000 or more

From 1 January 2021, it will be compulsory to declare cash of €10,000 or more (or the equivalent in another currency) if you take it between the UK and the EU (as well as between the UK and any non-EU country). Cash declaration can be easily done online

You may need new insurance

The future of the European Health Insurance Card for UK citizens is not certain. The EHIC currently entitles you to state-provided medical treatment if you fall ill or have an accident in any country of the Schengen area. But if the UK leaves the EU without a deal, the EHIC will no longer be valid. The government is currently advising those who are planning to travel within the European Union or to Switzerland, to ensure they purchase adequate travel insurance.

Travel photographs

Last update: March 10, 2020.