As overseas trade is so important to many small businesses, Brexit is a major concern. While uncertainty rules now, there are certain things we do know:
- VAT and import duties will probably change.
- There will undoubtedly be an increase in documentation on imports and customs clearance costs will probably change. It’s also probable that there will be delays on clearing customs.
- If sourcing from an EU country and then selling back into the EU, it’s probable that a reintroduction tax will be introduced. Higher delivery and fulfilment costs to EU countries should be considered, and there is still going to be volatility surrounding currency exchange rates, which will impact sourcing and selling prices.
- It’s possible that EU online shoppers may turn away from the UK.
