How to Prepare Your Business for Brexit, Part 1
Posted on 10th November 2020 at 15:30
The UK left the EU on 31st January 2020 but we’re still in the Transition period until 31st December. This means that even though the event has already happened, there are still areas of your business that you may need to consider for 2021 and beyond.
In this first instalment we’re looking at staff, recruitment and cash flow.
Analyse your workforce
Brexit means an end to free movement of people between the UK and the EU. For some businesses this won’t have an effect, whereas for others it could have a considerable impact on their existing workforce.
If you haven’t already, now is the time to identify any staff who are non-UK EU citizens. Even if all of your staff are UK citizens, they may have close family members living in the UK who aren’t, which could affect their wellbeing, time commitments and future plans. The EU Settlement Scheme Employer Toolkit will help you to support EU citizens connected to your business who need to apply for long-term UK residency.
Consider your recruitment strategy
After 31st December 2020, all recruitment must comply with the UK immigration arrangements in regards to the employment of EU workers. Whilst this will have minimal effect on highly skilled and sought-after roles, it could put significant restrictions on the recruitment of lesser skilled and seasonal workers.
By reviewing your recruitment practices now and pinpointing any areas that may soon be slowed down or obstructed, you can reshape the way you acquire new staff.
Fortify your cash flow
Due to multiple aspects of business operations changing in January 2021, some processes may become more expensive. These could be minor, such as small amendments to contracts, or larger than you may realise, like unpredictable fluctuations in foreign currencies.
By studying your cash flow, accurately budgeting and creating clear forecasts, you can free up some financial wiggle room and ensure that your business remains viable.
How can TreyBridge help?
We’re not just accountants, tax consultants and payroll specialists, we also offer a wide range of services that include business advisory, credit control, company secretarial, cash flow management, strategic planning and much more.
The end of the Brexit Transition period will prove very tricky for some businesses, perhaps in ways that they can’t yet envisage. By having a highly experienced team of business advisors and accountants on your side, you gain the confidence that there won’t be any nasty surprises when we enter the new year.
Also, to put your mind at ease, we only charge for what you need, so our services are actually very affordable and extremely easy to factor into even the tightest budget.
Over the next two weeks we’ll share additional insight into how Brexit might affect your business. If you can’t wait that long, call our Yorkshire office on 01482 235575 or our London office on 0207 885 0605. Alternatively, you can fill in our contact form or start the conversation with Aaron on LinkedIn.
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