As the UK’s exit from the European Union dawns ever closer, the preparations of fintechs and businesses are intensifying.
Published in collaboration with AVASK Accounting & Business Consultants and ResilienceHelp.com, Payoneer has launched its Brexit guide that seeks to ‘cut through the confusion and provide UK-based ecommerce merchants with clear guidance on how to best prepare for what lies ahead’.
In addition, the guide provides direct links to the relevant documents needed to successfully transition to post-Brexit procedures.
It comes as Brexit poses an undeniable challenge to businesses. It is estimated that as many as 61% of UK businesses are still not prepared for the major adjustments required of them, across trade, customs, VAT and logistics.
The guide, ‘Navigating the Post-Brexit E-Commerce Landscape’, which helps UK-based online merchants prepare their stores and navigate new ways of working, will enable them to continue trading internationally.
“Brexit’s impact on the e-commerce sphere is set to be far reaching, with cross-border sellers in the UK and EU needing to make significant changes to how they sell their products, their VAT compliance and their logistics operations”, said Eyal Moldovan, General Manager at Payoneer. “While navigating the post-Brexit world will require changes to how e-commerce businesses operate, we’ll be here to help ensure that Brexit doesn’t impact our customers’ business’s payments.”
“I’ve been in the e-commerce space for over 25 years, but 2020 is in a class all of its own as far as upheaval goes,” added Chris MacNeil, Managing Director, of ResilienceHelp.com. “A calm and analytical approach is required to help online sellers understand best how to mitigate their risks and seize new opportunities as we move into 2021.
“We’re sure that by following our five-step Brexit preparation plan businesses will be able to identify the key areas of business focus, assign key work areas to the right experts within a seller’s ecosystem, and help them navigate the process with confidence.”
“Change can be intimidating to businesses,” concluded Cambridge Lyford, EU VAT Compliance Officer, at AVASK Accounting & Business Consultants. “Brexit should not be feared by sellers as an interruption to trade, but an opportunity to capture new markets and reach new customers. The concept of VAT will remain the same, so businesses need to remain vigilant to their tax obligations. Embrace change, seize opportunity.”
To view the blog post regarding Payoneer’s Guide to Brexit, please click here. In addition, please see attached the full document.