DNS-Accountants

6 Things You Need to Know About the Brexit

UK exiting the European Union (EU), also termed as #Brexit, is in the news every other day. Most recent being the Prime Minister Theresa May going through a No Confidence vote in her leadership, triggered by fellow Conservative Party MPs. PM won the vote but it again brought in the theories of the UK exiting EU with or without a deal. To keep you abreast with all what is happening around Brexit, which will eventually happen on 29th March next year, we bring you a list of things that you must know regarding the deal. Enjoy reading!

6 Things You Need to Know About the Brexit
  • Why is the UK leaving the European Union? A referendum was held on Thursday 23 June, 2016, to decide whether the UK should leave or remain in the European Union. Leave won by 51.9% to 48.1%. The referendum turnout was 71.8%, with more than 30 million people voting.
  • UK MPs have to vote on the deal. If they pass it, the European Parliament will get a vote before Brexit day next March.
  • What is the “Backstop”? The ‘backstop’ will automatically kick-in if there's no deal at the end of the extended transition. In essence, the ‘backstop’ would mean the UK staying in a customs union with the EU with Northern Ireland staying fully aligned to the single market on relevant rules, without any scope for divergence.
  • A Withdrawal Agreement has already been drafted and it covers how much money the UK owes the EU - an estimated £39bn - and what happens to UK citizens living elsewhere in the EU and EU citizens living in the UK. It also proposes a method of avoiding the return of a physical Northern Ireland border.
  • February 2019 is the latest possible date that the parliamentary processes to enact the EU (Withdrawal Agreement) Bill and ratify the treaty can commence, with sufficient time remaining to meet the 29th March deadline is mid February 2019. By this point, we can expect to have clarity on whether the UK Parliament will be progressing with legislation to support the implementation of the deal, or alternative legislation that may be required to minimise disruption in a no deal scenario.
  • On 29th March 2019, the UK will officially leave the EU, with or without a deal. With that date now just over 100 days away and a number of political obstacles still to overcome, this may seem insurmountable but on balance we still believe the UK will exit the EU with a negotiated deal.

We hope that this article has helped you to be in the know about the Brexit deal. We will be bringing you more such articles in the future to keep you updated regarding the status of the UK exit from the EU.

Speak with an expert

Any questions? Schedule a call with one of our experts.

About the author
Blog Author

Sumit Agarwal
Sumit Agarwal (ACMA ACA India), the Managing partner of dns accountants is a highly respected accountant with expertise in helping owner-managed businesses.

  • Book a free consultation
Receive accounting news and updates in your inbox

About the author
Blog Author

Sumit Agarwal
Sumit Agarwal (ACMA ACA India), the Managing partner of dns accountants is a highly respected accountant with expertise in helping owner-managed businesses.

DNS-Accountants

See how dns can help
you today.

Save tax
Save tax

Our experts will work with you to reduce your corporation, personal or any other tax liability, all within the rules of the UK tax legislations. We’ll ensure you’re claiming all allowances and expense claims that you would be elegible for.

Reduce your admin
Reduce your admin

We give free software to all of our clients. You’ll be able to raise sales invoices, snap pictures of receipts and be MTD compliant with ease. You can even manage your business anywhere there’s an internet connection, thanks to our mobile app!

Grow your business
Grow your business

Successful business owners are those that are on top of their numbers. Businesses are driven by the numbers behind them. If you’re not reviewing your profit & loss or balance sheet regularly, how would you know how your business has performed and how would you make proper business decisions? We can help you make sense of your numbers.

Free Business Software!

Limited time only!

Free Business Software

Say Goodbye to Bookkeeping Hassles: Nomi offers Free Receipt Processing and big savings!

  • Built in payment solutions.
  • Track profitability, debtors and creditors
  • Snap pics of receipts with the mobile app
  • Free Receipt Processing
  • Hasslefree Bookkeeping
  • Cost Reduction
Get Started
Close nomi