Small Businesses will need to take steps to ensure that they are prepared for Brexit. Here is the most important issues that small businesses will have to prepare for.
- Most small businesses will be affected by the currency effects of Brexit
- As the pound devaluates, costs increase
- Currency effects that have been experienced have not been largely disruptive
- Predict currency calculations ahead of the time to gauge effects on your small business
Free Trade Effects
- If the UK leaves the EU with no free trade agreement there will be large costing and logistics effects
- Large amount of new paperwork may be involved with importing goods
- Look at your logistics needs and make contingency plans if you are reliant on the import of goods solely from the EU
- Still unclear if a transition phase to help businesses will be implemented
- Rights of EU nationals is still being debated
- Top of negotiating list between UK and EU
- Most significant effect will be for seasonal workers and professions where there are skill shortages such as nurses and doctors
- Small businesses that employ EU seasonal workers should prepare for this eventuality
Shoaib Aslam is the co-founder of Pearl Chartered Accountants, a UK-based chartered accountancy firm that has multiple locations across London. They are experts in helping startups and established businesses with all aspects of growth, strategy, scaling up, accounting and tax planning.