The newly-appointed prime minister, Boris Johnson, recently addressed the members of parliament in a public letter informing them of the upcoming parliament suspension. This has not only caused an uproar with opposing parties but has also raised several Brexit-related questions. Many queries are coming from businesses and entrepreneurs who are worried about their ventures. Statistics display the pessimism companies have with 60% of UK company secretaries expressing their concerns regarding damage to their business during Brexit.
Brexit is a big step for the UK, especially for businesses, therefore it is crucial that you consider the future of your business and how you can ensure it remains thriving throughout the Brexit process. Take a look at these top tips which will reassure you and enable you to achieve success before and after the UK leaves the European Union.
1. Avoid additional costs.
Before Brexit begins, businesses must prepare themselves for what’s to come. While this may be vague at the moment, it is essential to consider all possibilities that could affect your business. One of the biggest concerns for many companies is international trade, especially if your business relies on exports and imports to survive. Brexit could involve tariff charges and customs declarations which could cause massive financial setbacks.
To prepare for this, companies should consider alternative procedures such as Transitional Simplified Procedures (TSP), which is a free and quick way to process your goods through customs. It is also essential that they speak to suppliers to discuss new terms or possibly look for alternatives if an overseas business becomes too costly for your business.
2. Invest now.
Ever since the announcement of Brexit, experts have been analysing a wide range of markets to establish the effect a no-deal Brexit will have on investments. As most of the results are estimated, investors should be cautious when choosing their next venture. For example, property entrepreneurs should consider investing before Brexit hits to avoid any potential dips in the market.
It is also important to research the state of the real estate sector now and take a look at estimates regarding what it will look like post-Brexit. Areas like Liverpool and Manchester offer some great buy to let hotspots which are guaranteed to provide high returns. You can find some excellent properties in locations like the Baltic Triangle in Liverpool, where property experts RW Invest have a number of properties available.
3. Access UK capital.
This is one of the most important things businesses should be doing before the Queen’s speech on the 14th of October and the final decision on Halloween is to assess their finances. In the event of a no-deal Brexit, many companies may find it difficult to access capital, especially now UK companies can no longer benefit from the EU Withholding Tax Treaty, which involves the removal of additional tax when investing in another country.
While this may be problematic for some companies, there are some alternative solutions available in the UK, with Barclays launching their £14 billion lending fund which is being used to support small and medium-sized businesses with an annual turnover between £0-£25 million. By opting for a homegrown company like Barclays you can ensure that your business and finances will remain secure regardless of Brexit’s implications.