We look at how data can be used to better understand and plan for Brexit risks and opportunities.
In the days that immediately followed the Brexit vote, the big question was ‘what does Brexit actually mean?’ Answering this question is not straightforward and trying to quantify the impact in financial terms is harder still. However, thanks to the availability of data and through the use of KPMG’s Indirect Tax Brexit Assessment Tool, understanding and quantifying the impact for customs duty purposes and for VAT cash-flow, is something that can be done quickly and relatively easily. In the context of Indirect Tax, specifically VAT and Customs Duty, there are a number of actions that businesses can be taking now to mitigate any potential Brexit risks and to maximise the opportunities. Before taking any steps to mitigate them, the first step is to understand what those risks are.
Using easily available data, our tool maps and quantifies the flow of goods, values, volumes, rates, destinations and countries of origin for goods moving into and out of the UK. In particular, our analysis provides the information to answer the following key questions:
The output from the tool provides you with clear answers to the above questions and will be supported with helpful diagrams and visuals to assist you in having meaningful and informed discussions with your Board and other stakeholders.
Amongst other things the information provided by the tool will assist in making decisions in respect of Sourcing, Pricing, Distribution Channels, Strategy and Risk, Customs Warehousing, Production Volumes.
We are holding a webinar to demonstrate the tool on 7 December at 1pm. You can register here (through our Brexit portal). If you are unable to make the webinar you can also view our tool in action here, or click here to read our flyer.
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