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How will my online business be affected by Brexit?

Within the context of the digital economy, the big questions looms. How will my online business be affected by Brexit? There is a tendency for many businesses to adopt a sit and wait approach. This could however be a huge mistake. Despite the UK government trying to waylay fears and uncertainties there remain at this late stage a number of unanswered questions.

Customs, Tax and VAT

How will my online business be affected by Brexit?
As we hurtle closer to going cold turkey Brexit with no deal on the table, we need to accept that with no common market agreement, there are stormy waters ahead. Not only will we find ourselves paying taxes that customers and clients outside of the EU are subject to, but UK business will also have to implement taxation at the point of payment when doing business with European companies. The uncertainty is creating discomfort. Businesses wont be able to implement changes to the checkout process until trade agreements are confirmed. Or not. This uncertainty is making business with the UK a bit jittery. If you are running  business that takes payment online, be prepared to implement very sudden changes. Retain a specialist now!

GDPR

The UK has to comply with a minimum standard when it comes to the EU GDPR regulations. Whether or not your business meets the EU GDPR standards will mean very little. If the UK does not ensure that the legislation covering Data Protection in a post Brexit Britain meets EU standards we will be flummoxed. Have you ever tried to enter a website only to be faced with a notice that states that their content is not available in your country? Now imagine that happening to every digital business in the UK when any EU customer tries to access their site? If you're not ready for the possibility of suddenly losing the GDPR implementation, then its time to find someone that can help. You will need to consider where to host your site and how you will overcome accessibility issues within the UK itself. Especially if hosted abroad.

Location

The UK digital economy will no longer enjoy being the digital powerhouse of the EU. We are going to find ourselves relegated amongst the rest of world to compete for business. While the cost of living will remain high, we will struggle to compete against those in the developing world where education is high and labour is cheap. 

There seems to be precious little out there covering digital infrastructure. Since we dont have any trade agreements or an approach to the digital economy that makes sense how do we know what is going to happen to funding for infrastructure. There are many Rural areas that simply dont have internet at all. There has been little feasible assurance from the UK government that EU funding currently in place to develop rural Britain will be maintained. That being the case how can we be sure that investment in technological infrastructure will remain.

Contingencies

Because we do not know how our business will be affected by Brexit, Brayve has decide to implement a few very basic contingencies. Although ultimately we will have to absorb the cost of additional taxes and costs that we dont have to currently worry about, we have taken a few steps to implement a continued relationship with Europe. Following in the example provided by bigger business, we have ensured that we have financial instruments within the EU. Our International bank accounts and secondary hosting companies are all in the EU. We have secured an EU address from which to manage our across the border business.

This will naturally have an effect on the UK. The tax we collect in the EU will go to the EU and not the UK. To keep business going our business model will reduce the amount of tax we pay to our own government. This is their doing not ours.

We have even ensured that we have several alternative sources to access the internet including both satellite and mobile internet.

Brayve will be delivering a Session on Brexit and my online Business, what does it mean for me? On Saturday february 2nd 2019 - You can book your place by registering over here.

Ruthie Richards-Hill

Ruthie Richards-Hill

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