What does Brexit mean for your small business?
Contributed by: Berley

With the Brexit negotiations well and truly started, the uncertainty and misunderstandings surrounding what business owners can hope for the future is still as confusing as ever.

Being a small business owner means that Brexit has the potential to hit you where it hurts. Even though we’d all like to bury our heads in the sand and wait to see what the negotiations may bring, this is not a viable option. Being prepared for leaving the EU is the best way that you can ensure your business has a head start when it comes to stepping into a new economic market.

What can you do?

It’s important, as a small business owner, that you have a plan in place for your business once the UK leaves the EU. Having an idea of what to do next can really help you to keep your business afloat during these tremulous times.

Having regular meetings with current employees who are EU nationals, with your international supply chains, and with your overseas partners can help you to be prepared for the impending EU split. Discussing the potential outcomes of the Brexit negotiations, and talking about how your international workforce will be affected, will mean that you can start getting your company organised now, giving you an upper hand in the future.

There are also a number of things that you, as a small business owner, need to think about. For example, if sponsorship for EU staff is needed after Brexit, are you prepared to offer that? If not, you need to look into what this can mean for your business and potentially start thinking about hiring British staff.

Another thing to be aware of are the funding and grant opportunities that could be available to you via the EU. At the moment, there are many EU funded grants specifically intended for the development of small businesses. Now might be a good time to start applying for these grants before they are taken away.

How can Berley help?

As chartered accountants, Berley specialises in helping small businesses reach their potential. We can support you with a range of tax and accountancy issues you may have as a business once the UK is officially out of the EU.

It is important to realise that things may be very different for UK based small businesses after Brexit. The ways in which you do your accounts and/or your taxes in the future may be set to change, causing potential problems for the way you do business. But we, at Berley, can help you through all of this change to ensure that you continue to feel confident about your future.

For more information on how Berley can support your business through Brexit, or for some advice on what you can do to stay afloat, call us today on 020 7636 9094.