The Impact of Brexit on Import and Export Businesses
Brexit is all set to happen and create impacts on import and export businesses in the UK. Brexit is going to impact everyone living in the UK, but businesses are required to quickly adapt to new rules and regulations after Brexit. What is Brexit? On 23rd June 2016, UK electorate voted to leave the EU. Negotiations are still in process between the EU and UK governments in deciding how the movements of services, goods, people, and capital all over the EU and UK borders will be processed after Brexit. On seeing this change from a business point of view, Britain is currently a member of the EU’s single market and customs union, which allows its states to function as a single trading area with a combined VAT system and no border checks or tariffs. All these are going to change following Brexit and impacts businesses, especially import and export businesses. When Does Brexit Happen? Brexit is going to happen at 11 pm on 31st October 2019. There would be some changes