As the UK would leave the EU on the very morning of 30th March 2019 due to the Brexit referendum, it is very likely that there would be shocks to the economy of the UK, be it pleasant or disturbing, time will tell. There is uncertainty among the businesses due to the skill shortage, restricted access of labour and trade in the EU. Larger companies and behemoths have their dedicated departments directly reporting to CEOs and board to tackle the effects.
However, Micro companies and SMEs are brainstorming what could be the Brexit effects on their businesses. Here, accountants of the nation have significant role to play as their business adviser. Traditionally accountants have been the go to person for the owners of the small and micro businesses, shopkeepers, etc.
A recent poll from the cloud accounting software company FreeAgent of 500 micro business owners revealed more than two-thirds of respondents (66%) said they believed Brexit would have a negative impact on the economy – while just 13% said they thought it would have a positive impact. – as reported by Forbes in their article. Will Micro Businesses Thrive After Brexit?
Since the price rise is highly expected after Brexit due to skill shortage and heavy imports and trade, the rate of interest might be increased as a response to the inflationary measure which might aggravate the sentiments of the further business investments in the country and thus several other effects would be connected to it like job creation.
Therefore, the accountants while advising their clients to insulate from the Brexit effects shall help the businesses to combat. Although accountancy industry is not spared from the ill effects of the Brexit, accountants have lot on their plates these days. Having said that accountants worldwide are regarded as the most trusted professional on whom businesses rely upon.