Following the UK officially leaving the EU on the 31st January, the UK is in a transition period until the end of 2020, where the government will aim to secure a trade deal before the deadline. During this period, essentially nothing will change, but it provides business owners with much-needed time to prepare their businesses for Brexit. The below discusses areas that will be affected by Brexit, and what business owners can do to prepare.

Trade

It’s unclear at the moment to what extent rules will change for importing and exporting in the EU, as this is one of the key negotiation points between the UK and EU during the transition period. Regardless of what is decided, rules for importing and exporting to the EU will change after the transition period. Therefore, you will need to make sure that you have all the licences, permits and approvals required, understand the implications of changes at UK borders, and check how much you will need to pay in VAT and rates. It’s important to make sure you review these for the purposes of your own business, but generally to prepare for changes you should:

Make Sure you have a UK EORI Number

This is a 12-digit number that you will need to move goods in or out of the UK. You might also need an EU EORI number if you are responsible for landing the goods in the EU country of destination and making the customs declaration.

Consider Adjusting your Contract Terms

Post-Brexit, trade could incur additional costs. You might decide to absorb these costs, or you might decide to change customer contracts – if this is the case, make sure you communicate this to your customers before any changes.

After over three years since the EU referendum, where the UK voted to leave the EU, Boris Johnson signed the Withdrawal Agreement last Friday after the bill was passed to Royal Assent, therefore the UK will officially leave at 11pm (12am in Brussels) on 31st January.

So, what will officially leaving the EU mean for your business and investment into it?

Research by IW Capital, in which it asked 2,000 investors about life post-Brexit and the opportunities that will arise after the 31st January, has indicated that there will be an uptick in mergers and acquisitions. The research suggests that investors are positive about the UK’s prospects out of the EU, with 46% believing that if handled correctly, Brexit could be the best thing to happen to the UK economy. It also showed that 36% of those questioned believed that the UK will be a wealthier country, boosting their investment profile post-Brexit.

It transpires that for 30% of those asked, it was in fact the handling of negotiations that affected investors’ decisions and not Brexit itself, so now that a date has been set and there is more certainty around Brexit, more investors will look to use their capital.

Uncertainty and speculation are rife over Britain’s departure from the EU but, despite this, it has been a golden period for UK tech. With multi-billion pound exits and venture capital (VC) funding at record highs, it is unlikely that this will come to a halt – instead, there may be a shift in emphasis for the sector as a whole.

Technology start-ups can still thrive post-Brexit due to the reasons why they succeed – they need access to capital, access to talent and access to markets, and post-Brexit Britain should remain well positioned on all three.

Worldwide mergers and acquisition activity will hit £2.4 trillion ($3.2 trillion) next year, as deal-making is elevated on an increasing global economic tide, according to recent forecasts.

In spite of the uncertainty surrounding the meat processing sector in Ireland, M&A activity involving participants within the sector has continued apace in 2017, with the conclusion of some notable deals.

Irrespective of the outcome and the eventual deal Britain strikes with the EU, there will be greater uncertainty for businesses in the near-term.

According to a recent report, UK companies are braced for a surge in deal-making this year, as executives prepare their businesses for life away from the European Union.

Despite major political disruption from events such as Britain leaving the EU and the election of a new president of the United States, 2016 is gearing up to be the biggest year for M&A deal announcements since 2007.

Despite uncertainty surrounding Britain’s decision to leave the European Union in June, the British Fintech sector continues to grow and a flurry of M&A activity made last month one of the sector’s busiest months yet.

As the Brexit fallout clears from UK politics a new reality has set in. The new Prime Minister, Theresa May, has made it clear that the UK is still open for business. As if to emphasise that fact, only days after her official appointment, one of the UK’s largest and swiftest deals has been announced, demonstrating how the UK has maintained its attractiveness for investment from overseas companies.