In June 2016 the EU referendum took place, it resulted in 51.9% of voters being in favour of leaving the EU. The government then initiated the official EU withdrawal process on the 29th March 2017 meaning that the UK is due to leave the EU pm the 30th March 2019. However, on January 15th this year a record majority of 230 MP’s rejected Theresa May’s Brexit deal. The debates that followed have left the prime minister returning to the EU to seek further changes to the Brexit deal, with further debates scheduled for mid-February.
The BBC has a fantastic article which outlines the possible scenarios for what might happen next and the political and legal implications of this, you can read the BBC article in full here .
We know that many businesses, from local SMEs to multinational corporations, are concerned about the current Brexit uncertainty and how the changes could affect their business. To help you prepare, we have put together a collection of external resources from across the web that offer advice for the various potential scenarios. Take a look and get in touch if you know of any great resources that we haven’t included.
The ICAEW Brexit hub provides a range of resources, updates and expert analysis to help prepare for Brexit. ICAEW is working to ensure that the accountancy profession is able to work as seamlessly as possible in the public interest across Europe and beyond.
The British Chambers of Commerce believes that all firms should be undertaking a Brexit ‘health check’, and a broader test of existing business plans.Its downloadable PDF covers areas such as workforce and future skills needs, UK/EU customs checks, tariffs on UK-EU trade and import VAT, and much more.
Both Lloyds bank and HSBC have prepared their own business guides for Brexit. They offer articles, advice and insight to help businesses deal with the regulatory, operational and financial implications of Brexit. If you like to listen on the go, HSBC also has a helpful podcast to keep you up to speed with the latest Brexit developments.
If you enjoy listening to podcasts there is a great one from the Federation of Small Business. In #SmallBizTalks Brexit: Deal or no Deal? Alan Soady chats to FSB Head of Policy Sonali Parekh to discuss how small businesses may be affected by the various possible Brexit outcomes. You can find this podcast episode, along with a roundup of fantastic resources for small businesses via the Small Business Brexit Pack on the FSB website.
The ’10 steps to take now’ article from The Business Growth Hub, along with their Brexit toolkit, offers a great starting point for any SMEs that are feeling confused about how to plan for Brexit or for those wondering about the impact of it on their business in a no deal scenario.
The UK government has released a series of ‘no deal’ technical notices and practical guides that provide information for a range of potential outcomes. You can access these notices, along with all government released information about Brexit, including the article 50 process, negotiations, and announcements regarding policy changes as a result of the UK’s exit from the EU.You can also sign up for alerts to ensure you don’t miss any crucial publications from the government.
In the coming weeks Wright CFO will be collating and highlighting the most relevant and insightful news for the business and finance industry, and sharing it across our social media platforms. To ensure you are up to date with the latest news, follow us on Twitter, LinkedIn, Facebook or Instagram.
For financial advice tailored to your business needs, or to discuss any of the above content further, please get in touch with us.
*Please be aware the information provided above is meant as a general guide only rather than advice or assurance. Wright CFO does not guarantee the accuracy or completeness of this information and professional guidance should be sought on all aspects of the business planning and response to Brexit. Use of any of the above resources are entirely at the risk of the user.