To understand its importance, it is necessary to look at the scale of the matter with regards to small and medium sized businesses (SME’s).
In the UK, there are some 5.7m SME’s, which account for almost the whole of the private sector firms and 60% of total UK private sector employment. SME’s also account for 73% of all net private sector job creation in the UK. Therefore, SME’s have significant implications for the economy and anything that can effect SME’s is very important.
SME’s need to be proactive and prudent as they prepare for BREXIT – deal or no deal. While some business know how they will be affected, and what will be the consequences. Many do not have the time to spare to look at this and seriously lack any plan of action of how to deal with and overcome weaknesses that may affect their business.
This short article will focus on the most important aspects of leaving the EU without a deal for small businesses.
There are more questions than answers regarding impact of Brexit available yet. Ever lingering uncertainty and heightened anxiety in the business world in awash in the news at the moment. In any case, costs and delays relating to customs and trade are expected to increase in general. And these will affect all businesses and consumers.
Some businesses may see their business grow and will look for new opportunities, but many are likely to lose out, if they do not plan ahead and manage their competitive position.
By Awais at Tax Affinity Accountants in Epsom, Surrey
Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support.
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