It is not yet certain what the future holds for the UK in a post-Brexit world.
The high levels of business uncertainty are being echoed in research that finds only one in five small businesses have planned or prepared for upcoming Brexit related issues.
The Federation of Small Business has called for the government to help small businesses with more ‘meaningful financial support’ as well as raising awareness of the importance of Brexit planning. As people anticipate a future they cannot predict, business confidence seems incredibly low. If you are feeling lost in the run-up to the 31st October, we have collected some of the useful support that is available now to give small businesses a boost to get ready for Brexit.
If your business has submitted an application for the Business Readiness Fund, please remember to complete the proposed activities by Brexit day on 31st October 2019.
Businesses based, or with a branch in the UK, can apply for grants to be used to help employees understand the new customer regulations following the UK leaving the EU. HMRC announced the additional funding scheme is available to any business that completes customs declarations or assists others to do so and must import from or export to the EU. More information on grants for training and IT development can be found here.
Applications will close on the 31st January 2020 (or earlier if funding is fully allocated).
If you are not sure where to begin when preparing your business for Brexit, there are lots of useful guides and knowledge resources available online to get you started. Here are a few of the useful resources we have found:
An EORI number – which stands for an Economic Operator Registration and Identification Number – is a unique ID code used to track and register customs information in the EU. Find out more: EORI Numbers | Small Business
We suggest the most practical way all businesses can prepare for the 31st October is having a clear picture of your financial situation. More and more businesses are switching to the cloud to make the most of the benefits of online accounting and to help streamline their core processes.
We make cloud accounting the most adaptable and simple way to handle your finances, so you can have an instant understanding of your financial position and cash flow.
Finding one system that delivers all your business needs can be a difficult. Accounting software like Xero, Quickbooks or Sage can help make your entire operation run more smoothly, which is why we offer a range of online accounting tools to suit your business needs.
For more information on the benefits of a Xero certified accountant for your business click here.
Brexit is an uncertain time for UK business. It is hard to predict what the market will look like after the 31st October. However, with the right preparation in place, your business will be ready for whatever the future holds.
If you’re unsure of where to turn, speak to your accountant. They can help you make the most of available funding and resources to prepare for Brexit. We are working closely with our clients to help them understand the implications of Brexit for their business and working out the best plan together.