Brexit and the middle market
Following a four-month campaign, the United Kingdom on June 23, 2016, voted by the narrowest of margins to end its 43-year membership in the European Union (EU). The Brexit decision will no doubt have far-reaching impact. But what does it mean for middle market companies in the United States? And what does Brexit look like today versus when the vote passed in 2016?
For U.S. companies with operations in the U.K. or those that move goods through the U.K. understanding the potential impacts of Brexit are important to consider. Looking at the following areas of your business are important:
- Stress testing balance sheets around financial shocks and budgetary matters
- Securing supply chain needs
- Assessing plans to ensure the flow of goods and delivery of services
- Reaffirming banking and foreign exchange lines
- Assessing productivity and efficiency needs to adequately prepare for a shock to the domestic economy
- Considering contractual and regulatory changes that may affect the ease of doing business with the U.K.
- Taking other precautionary measures for exigent circumstances
At RSM, we are closely watching the developments in the U.K. and the greater European market, and conversing with our counterparts at RSM member firms worldwide. Our international team is poised to assist middle market companies with navigating this new frontier in the global economy.
Check out the latest insights on Brexit:
Now that we are post-Brexit and new rules have been released, companies must quickly move from planning to execution stage.
Brexit was signed on Dec. 31, bringing some degree of resolution but leaving many questions for the financial services industry.
UK government provides relief from DAC6, reducing the scope of reporting for UK intermediaries with cross-border transactions.
A look at the impact of Brexit on tax treaties and on the operation of tax law internationally in the new year.
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