The UK left the EU on the 31st January 2020 and entered into a transition period when, although no longer an EU Member State, it remained part of the EU's customs union and single market, and EU law continued to apply.
That transition period ends on 31st December 2020, when EU law will cease to apply to the UK, and the UK will leave the EU customs union and single market.
This will bring about significant changes for businesses of every size in the UK and will impact many, if not all, businesses in the Isle of Man.
Most of these changes will occur whether there is an agreement reached on a future trading relationship, or not, and so action needs to be taken irrespective of the outcome of the negotiations.
Most of these changes will occur whether there is an agreement reached on a future trading relationship, or not, and so action needs to be taken irrespective of the outcome of the negotiations.
The Department for Enterprise Business Checklist
We have prepared a Business Checklist to help local businesses consider what preparations they need to make ahead of the end of the year, in order to be ready to do business in 2021.
The Business Checklist covers:
- cross border trade
- taxation
- currency risk
- product regulations
- intellectual property rights
- legal issues
- employment and staffing considerations
For further information visit - https://www.iomdfenterprise.im/assets/PDFs/ca9f935f68/Brexit-Business-Checklist-Revised-Sept-2020.pdf
Brexit Consultancy
To further support businesses, funding for Brexit Consultancy is available under our Business Improvement Scheme (BIS).
Formerly the Business Support Scheme, the BIS aims to help local businesses become more effective and efficient, offering financial assistance of 50% towards the cost of consultancy projects in a wide range of business disciplines, to a maximum value of £5,000 per project.
Find out more at https://www.iomdfenterprise.im/financial-support/funding/business-improvement-scheme/
Information above thanks to the Department for Enterprise - www.dfe.im/support