According to the latest Business Barometer, nearly three-quarters (73 per cent) of UK small and medium sized enterprises (SMEs) have seen no effect on their business from the vote to leave the European Union (EU). The research reveals that only 24 per cent of those surveyed said they had delayed an investment decision because of the Brexit result and just 26 per cent had seen any increase in anxiety about job security amongst employees. While 44 per cent of SMEs fear that the result may see them lose business in the months and years ahead, 40 per cent are more optimistically anticipating an increase in business.
Whilst this is good news for UK SMEs, we don’t yet know what lies ahead as a result of the vote to leave the EU. It is therefore more important now than ever that business owners look at ways of improving profitability, working capital and cashflow, enabling their businesses to be more agile and flexible to respond positively to the changing economic landscape.
At Beavis Morgan, we work with a wide range of businesses of all sizes and across many different business sectors, helping them with strategic planning, system implementation, business turnaround and improving business performance for the future.
Our diverse team of tax professionals are also committed to ensuring that your tax reporting obligations are fully satisfied and that every opportunity to lawfully exploit tax savings is made known to you, restructuring your affairs in a tax effective and efficient way.