According to a report published by The Federation of Small Businesses (FSB), the vast majority of SMEs are very unprepared should the Government deliver a no-deal Brexit.
Among the 1,234 business owners who were surveyed by the FSB, just 14% have contingency plans in place for the UK exiting the EU without arrangements having been agreed.
The research also revealed that 41% of UK SME owners fear the impact of a no-deal Brexit compared to just one in 10 who believe that no deal will have a positive impact on their business.
How will Brexit impact my business?
With the UK scheduled to leave the EU on the 29 March 2019, almost half (48%) of those questioned believe a no-deal Brexit will negatively affect their ability to do business. This figure increased sharply to 66% for small businesses that trade with the EU and to 61% for UK SMEs with members of staff from the EU.
Mike Cherry, chairman of the FSB, commented:
“Our small firms are not prepared or ready for a no-deal Brexit and the impact it will have on their businesses. If you sell your products to the EU, buy goods from the EU or if your business relies on staff from the EU, you now see this outcome as a threat to your business.”
He continued:
“The prospect of a no-deal Brexit is seeing many small firms shelving business decisions, pausing investment and thinking about cutting staff. It’s understandable that some small businesses haven’t started preparing as they aren’t actually aware of what they’re planning for.”
Worried about Brexit?
If you’re worried about the impact that a no-deal Brexit could have on your business and you would like to talk to qualified accountants in Berkshire, please feel free to contact PKB and we will be more than happy to help. Alternatively, you can contact our tax, payroll and accounts manager, Peter Bowyer directly.
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