The journey to the United Kingdom’s exit from the European Union continues to encounter roadblocks. The most recent of which is the House of Common’s (HoC) rejection of Prime Minister (PM) Theresa May’s Brexit deal by a huge margin (Yes - 202 ; No - 432). This development creates great uncertainty in the future of the Brexit deal and the next steps after the Brexit, especially with the 29 March deadline coming fast.
Over the past months, the implications of Brexit have been a contentious topic among accountants. With the release of the Government’s Brexit Whitepaper on July 12, we now have a better picture of the possible effects of Brexit on accounting and finance.
With March 2019 fast approaching, there is growing apprehension about what post-Brexit UK looks like, as well as the far-reaching impacts of Brexit. We rounded up the latest updates on this monumental event in the history of trade and legislation.
On March 29, 2017, the British Parliament has given the European Union (EU) the notice that triggered Article 50. Dubbed as ‘Brexit,’ this is the legal mechanism by which the Parliament will be negotiating how Britain will be leaving the EU.