As Brexit talks continue and the March deadline approaches, there is more uncertainty about the ultimate outcome of the negotiations. Some companies are taking a “wait and see” approach to Brexit, but if you have employees in the UK, you should start preparing now for potential changes that Brexit may bring.
Planning for your Staff
If you hire workers from the EU, there is immigration paperwork and planning that will need to be done. EU nationals have to apply for settled status by 31 December 2020. The EU Settlement Scheme allows employees and their families to live, work, and receive services in the UK, and will be open for enrollment beginning in March 2019.
Auditing Existing Contracts
If you have international business contracts, you need to begin auditing and possibly re-negotiating the terms of those contracts to address the new customs border between the UK and EU. Factors to consider include the shipment of goods across borders, identifying impacts to VAT, and ensuring compliance with new regulations.
Payroll and Operations
Once Brexit is complete, there are potential positive and negative changes for UK businesses related to payroll and operations. In some fields, there could be skill shortages, causing employment costs to rise to retain employees. Simplified processing and regulations in the UK could potentially help small businesses better manage auto-enrolment and National Living Wage requirements. Ensuring your payroll processes are compliant, keeping a close watch on upcoming changes, and ensuring data security for your employee data will help you prepare for the changes Brexit brings.
Getting your payroll, HR, and time and attendance solutions integrated can help you avoid potential problems down the road. Talk to us today about simplified, integrated solutions to better manage your business operations in the UK. Find out why we were named the best all-around payroll provider for our business solutions and CIPP-certified staff.
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