Vale & West Chartered Accountants Blog

Category Archives:Brexit

Political uncertainty continues to stunt growth among small business community

More than seven in 10 small businesses have held back on investment while Brexit uncertainty continues to loom overhead, a new study has revealed. Read More

ICAEW gives UK economy the green light

The UK economy has weathered the worst of the Brexit financial fallout and should be able to continue without “too much damage”, experts have said. Read More

Barclays announce £14 billion fund to support UK businesses

Barclays bank have announced plans for a major lending fund worth £14 billion pounds, which will help small and medium enterprises (SMEs) to flourish once the UK has left the European Union (EU). Read More

BoE holds interest rates as businesses cut back on investment ahead of Brexit

The Bank of England’s (BoE) Monetary Policy Committee (MPC) has unanimously voted to maintain the UK interest rate at 0.75 per cent amid uncertainty about the potential nature and timing of the UK’s withdrawal from the European Union. Read More

Number of exporting businesses increase ahead of Brexit

The number of VAT-registered businesses exporting goods across the UK has increased to 110,800, new figures have revealed. Read More

UK Finance launches campaign in bid to help SMEs prepare for Brexit

UK Finance announced a national campaign encouraging small and medium-sized enterprises (SMEs) to prepare for the potential changes and opportunities brought about by the UK’s departure from the EU. Read More

HMRC to “Phase in” Entry Summary Declarations in no-deal Brexit

HM Revenue & Customs (HMRC) has announced plans to phase in Entry Summary Declarations should the UK leave the EU without a deal this March. Read More

Data protection: what happens if we leave the EU without a deal?

UK businesses who share data with organisations in the European Economic Area (EEA) will need to take steps to ensure they continue to comply with data protection laws should the UK leave the EU without a deal.

The warning comes as the Prime Minister fails to get Parliament to agree to her Brexit withdrawal bill, increasing the prospect of a no-deal outcome.

In light of this, the Government has begun to publish an abundance of guidance for businesses, detailing what to do and how to prepare for changes, should we leave with no deal in place.

As part of this guidance, the Information Commissioner’s Office (ICO) has produced a six-step checklist to help businesses to continue sharing data legally after 31 March 2019.

The regulator said the UK does not intend to impose additional requirements on transfers of personal data from the UK to the EEA, therefore organisations will be able to send personal data to organisations in the EEA as they do currently.

However, without a legal agreement in place, transfers of personal data from the EEA to the UK will become restricted once the UK has left the EU.

Because of this, the Government advises that organisations who receive personal data from organisations in the EU should consider what changes they may need to make to continue complying with the general data protection regulation (GDPR) and other legal obligations.

The six-step checklist, found here, may help you navigate this process.

The following guides may also help:

For more help and advice, please get in touch with our expert Brexit advisory team.

 

Uncertainty stalling UK economic growth, warns BCC report

UK growth is stagnating as a result of heightened Brexit uncertainty and other economic pressures, the British Chambers of Commerce (BCC) has warned. Read More

HMRC urging businesses to prepare for potential no-deal Brexit

Ahead of Britain’s upcoming departure from the European Union (EU), HM Revenue & Customs (HMRC) is warning businesses about the necessary steps they need to take to prepare for the unlikely event of a no-deal Brexit. Read More

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