Business development · 18 September 2018

Why arent small business owners planning for a chaotic? no-deal Brexit?

No deal brexit planning
Over a third of business owners have stalled investment and innovation decisions ahead of Brexit
A clear majority of UK small businesses have yet to start planning for a chaotic? no deal Brexit despite being worried about the effect on jobs, investment and their futures.

A new survey from the Federation of Small Businesses (FSB) has revealed that only one in seven (14%) of small businesses have started planning for a no deal conclusion to the Brexit drama.

Almost half (41%) believe that a no deal would have an impact on their business but havent yet started planning for the possibility. One in ten believe that a no deal would have a positive impact on their ability to do business.

Other figures show that almost half of small firms believe that a no deal Brexit will have a negative effect on their ability to do business. This, however, rises sharply to 66% for those small firms that trade with the EU and to 61% for those that employ a staff member from the EU.

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Brexit no deal VAT

 

HMRC publishes VAT guidance in the event of no-deal Brexit

What will the deal be with VAT in the event of a no-deal Brexit? HMRC has released guidelines to make business owners aware of both immediate and long-term changes if no trade agreement is struck with the EU.

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