According to the Financial Times, only 1 in 5 small businesses are ready to leave the EU.
For SME’s, the biggest hurdle to overcome is uncertainty; especially around Brexit. With such little surety on immigration, tariffs and taxes, many small businesses are unable to fully prepare for Brexit. As a commercial finance broker, we find it concerning that many SME’s are unable to organise their finances ahead of the deadline.
With this in mind, here’s some helpful tips to help SME’s prepare for Brexit.
Check requirements to operate in the EU member statesMany businesses rely on the EU for employment. With the decision on freedom of moment and employment not yet confirmed, it’s vital for businesses to check the updated terms of the country their staff are based in.
What’s more, many SME’s rely on the EU for exports, which means it’s important to check the regulations for EU/EEA countries. That way, businesses can ensure continual operation without sudden disruption.
Prepare for new customs and VAT procedures
Despite Gov.uk claiming to offer SME’s advice on preparing for Brexit, businesses are still unsure what will change or stay the same. However, there is some good news. Once Brexit is finally implemented, SME’s will need to apply the same customs rules to good moving between the EU countries.
To continue importing and exporting from the EU, it’s important to have an economic operations registration and identification number. This starts with GB and is free to register for at https://www.gov.uk/eori.
Check your fundingMany UK businesses rely on EU funded programs in order to succeed in their field. But while the government has guaranteed UK organisations to continue receiving funding up to the end of 2020, its vital to check this.
As a commercial finance broker, we advise SME’s to plan for the future and begin to secure the funding they need to support their business; sooner rather than later. At Think Business Loans, we believe that SME’s deserve fair access to funding to allow businesses to prosper in the UK. That’s why we provide a variety of lenders from across the market, including alternative and high street lenders, to ensure you get the right product you need.
If you would like more information on how Think Business Loans can find you the right business loan, request a call back with one our commercial finance broker’s today.
Jessica Court graduated from the University of Portsmouth in 2017 with a bachelor’s degree in Media Studies. She has previously worked within the In... Explore Author