Prime Minister Theresa May has today confirmed that she will officially trigger Article 50 next Wednesday, 29 March, notifying the European Union that the United Kingdom is leaving.
The action to start the Brexit process, described by Brexit secretary David Davis as “the most important negotiation for this country in a generation” will take place by the end of March.
“The government is clear in its aims: a deal that works for every nation and region of the UK and indeed for all of Europe – a new, positive partnership between the UK and our friends and allies in the European Union,” says Mr Davis.
SMEs – To succeed you must prepare
In order to lessen the impact of Brexit on your business, SME owners and managers must ensure they are fully aware of income and expenditure by keeping accurate and timely records and monitoring trends and patterns. Profit and loss accounts will help you understand how your business is progressing, as well as alert you to any potential issues which might arise. This will give you ample warning to rectify any problems and make the necessary adjustments to keep your business on track and successful.
In this rapidly changing economic landscape, it is also essential that SMEs partner with business advisers who understand the challenges faced by SMEs and the environment you operate in, helping you navigate any pitfalls and implement the appropriate structures and strategies required to remain successful and increase your net worth.
At Beavis Morgan, our specialists to SMEs are available to provide comprehensive business advice and to structure your business for tax. We can also assist with business plans and strategy execution, long and short term forecasts, budgets, sensitivity analysis, and calculating and checking compliance with covenants.