When will the UK pay for the cost of its Brexit divorce?
The UK’s exit from the European Union is set to be the biggest economic challenge since the Second World War, and many of its businesses are likely to struggle.
However, there are some sectors that could benefit from Brexit-induced growth and jobs, with companies like retailers, supermarkets and even clothing brands potentially benefiting.
Here’s how we can start thinking about the UK’s post-Brexit economic landscape.
Read more:What will happen to my local business?
Brexit will impact everythingWealthy companies will have to pay a significant tax breakThe government is set on ensuring the UK will continue to receive a rebate for the bulk of its customs duties in the event of a divorce.
However it could take some time to negotiate the details of how the rebate will be calculated.
There is also uncertainty about whether any tax breaks will be available to businesses outside the EU.
Income tax will continue on the first £12,000 of earnings from the UK, so companies that earn more than that would pay the same tax rate as UK nationals.
However, there is uncertainty about the impact of Brexit on tax rates for UK residents, so many businesses will struggle to attract employees outside the UK.
There are many ways that businesses could benefit, including:Increased turnoverA Brexit-related increase in salesThe ability to create more jobs for UK nationals and UK businessesThe ability for UK businesses to access a more flexible labour marketThis article originally appeared on Business Insider UK.