A BDO Legal Guide to the Trade and Cooperation Agreement between the EU and the UK

Brexit has far-reaching consequences for both companies based in the UK and for companies doing business with companies in the UK.
The UK formally left the European Union on 1 February 2020, with a transition period being in effect from 1 February 2020 to 31 December 2020. During this period, on 24 December 2020, the UK and the EU agreed on a “Brexit deal”. This agreement includes arrangements for the future trade relationship between the EU and the UK. It has been provisionally approved by both the EU and the UK with final approval by the European Parliament still pending. The ending of the aforementioned transition period means that European laws and regulations no longer apply to the UK as from 1 January 2021. What is the impact of Brexit and what action is needed regarding employment and social security law matters?