Small Business Accounting

How will ecommerce businesses be impacted by the Brexit trade deal?

By

Chris Andreou

How will ecommerce businesses be impacted by the Brexit trade deal? guide

Contents

Here's a brief summary of the ways in which ecommerce businesses will be impacted:

  • Businesses will have to abide by the new import and export rules. We've covered the VAT changes impacting ecommerce businesses in greater detail in our guide.
  • Businesses may face additional paperwork and customs checks.
  • These changes will impact other aspects of your business, such as your supply chain, fulfillment process and pricing. Additional checks may mean a delay in shipping, while the new VAT changes will lead to a rise in costs. As such, businesses may need to decide who will bear the burden of the increased costs, and to assess if revising their prices is necessary.
  • UK citizens and companies established solely in the UK will no longer be eligible to hold .eu domains. This will likely result in additional costs incurred, as business purchase new domains or undertake the necessary measures to demonstrate compliance with the .eu regulatory framework.

<p>Here's a brief summary of the ways in which ecommerce businesses will be impacted:</p><ul><li>Businesses will have to abide by the new import and export rules. We've covered the VAT changes impacting ecommerce businesses in greater detail in our <a href="https://www.goforma.com/business-resources/vat-guide-ecommerce-businesses" target="_blank">guide</a>. </li><li>Businesses may face additional paperwork and customs checks. </li><li>These changes will impact other aspects of your business, such as your supply chain, fulfillment process and pricing. Additional checks may mean a delay in shipping, while the new VAT changes will lead to a rise in costs. As such, businesses may need to decide who will bear the burden of the increased costs, and to assess if revising their prices is necessary.</li><li>UK citizens and companies established solely in the UK will <a href="https://www.lexology.com/library/detail.aspx?g=a6a3258a-1857-410f-a307-fc177841bd5e" target="_blank">no longer be eligible to hold .eu domains</a>. This will likely result in additional costs incurred, as business purchase new domains or undertake the necessary measures to demonstrate compliance with the .eu regulatory framework.</li></ul>

Business accountant available for free consultation

Get a free accounting consultation

We'll walk through everything you need for starting or switching.

Read More Small Business Accounting guides below: