I have just read Philip Fisher’s post on the Accounting Web entitled “The accountants guide to Brexit”. It’s a good read. In his intro Philip says:
Like almost everybody else in the country, the vast majority of accountants have been sticking their heads into the sand on the basis that leaving Europe was a long way off.
Well, it’s no longer a long way off and if the politicians on both sides of the Channel continue making progress at their present rate, we seem to be heading for a no-deal Brexit. Even if we succeed in achieving an agreed withdrawal process the exact details of our future trading relationship with the EU may not be thrashed out for years.
And in the meantime your clients will be uncertain about their supply lines and changing export processes to the EU.
In my opinion, this apparently “glum” outlook is a significant opportunity for UK businesses and their advisers. Philip continues:
While smaller practices with little or no international spread and work-forces who are British born and bred may feel that for them this is only a storm in a teacup that is unlikely to be the case in the longer term.
But if nothing else, there will inevitably be changes in legislation as a direct result of the decision made in June 2016. In addition, the economy will take an initial hit and that is likely to lead to indirect consequences including attentional tax hikes, difficulties in retaining and recruiting members of staff and the risk of client losses.
As there is now significant opinion that the UK economy is heading for a dip, however temporary, shouldn’t we be contacting business clients and suggesting that they consider two planning options before Brexit starts to bite:
- Undertake a formal impact assessment if a business currently buys goods from EU suppliers or exports to the EU, and
- Undertake a business fitness review.
There are no downsides to either of these activities. What they will do is place your clients in the best possible position to weather any Brexit discomforts and hit the ground running.
I’ll leave the last word to Philip:
As this series is likely to repeat on a constant basis, going into times of change with your eyes open is a major part of operating successfully. If your competitors are taking no action, while you can be seen as a leader at the time of great insecurity, then this could be a chance to succeed while others are struggling if not actually going bust.
Therefore, to reiterate, please make sure that you are ahead of the game so you can make the most of what need not be a threat and could be a fantastic opportunity.
Take a look at the Landmark Brexit Resource page
Help your clients and create a new income stream for your practice