In a recent poll, 44% of UK freelancers and contractors feel that Brexit will not have any effect at all on their business. However, 18% of those polled believe that it will have an effect on their business, albeit, a positive one. While these are surprising figures, what isn’t surprising is that 38% of UK freelancers and contractors do believe that Brexit will have a negative impact on their business. It is important to note that of the total number of freelancers polled, 70% of them don’t currently work, or plan to work on projects in the rest of Europe.

     But what does Brexit really mean for the thousands of UK workers contracting overseas and how will they be affected? Experts say that it is still too early to tell, but there are some predictions that have been made and that seem fairly accurate. Let’s take a look and see which sectors will be affected the most, what the positive and negative implications of Brexit will be, and how you can prepare for both.

Which Sectors Will Be Affected The Most?

     Experts say that the two sectors which will be affected the most by Brexit will be the oil and gas sector and shipping. This is mainly because of the lack of free movement between the EU and the UK. Contractors will have to travel to and from the UK and the EU to meet with clients and vendors and, depending on the immigration rules in place at the time, this can become increasingly difficult.

Positive And Negative Implications Of Brexit

     Depending on the outcome of Brexit negotiations, UK contractors could find it even more complicated to work, live and receive payments abroad. There are, however, some positive implications of Brexit as we could see many larger businesses turning to contractors over full time employees. Likewise, with a falling exchange rate, UK contractors could see an increase in business from international clients.

How You Can Prepare For Both The Positive And Negative Implications Of Brexit

     Depending on the outcome of the actual Brexit negotiations, there are some things that companies can do to prepare. These include:

  • Knowing which of their employees will be affected and by how much.
  • Keep those employees affected by Brexit in the know and communicate the latest information with them.
  • Decide where your company stands and create a post-Brexit plan.
  • Know and understand the risks of your post-Brexit stance.

Contact Binks Overseas

     To learn more about International Payroll Services In Denmark, Norway, Finland, Italy, France and Greece from Binks, contact Binks Overseas today and speak with a payroll specialist who can answer any questions you might have about your company’s payroll needs.

If you enjoyed this article, please feel free to share it on your favourite social media sites.