IQ Magazine Issue 19

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iQ advice Creating Certainty over the Uncertainty Whilst the true impact of the decision to leave the EU will probably not be known for many years, there certainly does seem to be an air of uncertainty within the business community. James Pinchbeck, of Streets Chartered Accountants, investigates We are hearing anecdotal evidence that some sectors are already feeling the impact of the decision, whether they are in property and construction or reliant on migrant labour. With consumer confidence strong and the economic growth forecast still positive overall, business is not in a bad place and thoughts shouldn’t turn to economic downturn. issue <strong>19</strong> | page 12
iQ advice Uncertainty and confidence could in some cases be more a state of mind founded on a lack of knowledge and a sense of loss of control. Perhaps it is the unknown that is underpinning our rational, even irrational thoughts. Most businesses though, adopt the approach that if we don’t know what is happening, then it is easy not to do something, or, to do something would require a level of work or activity that is not preferred or desired. For those looking to assess the impact of Brexit on their business, the starting point might be around what might change or what is going to be different. It would seem some of the changes or challenges ahead are: • Workforce related, with perhaps for some businesses a mix of increased shortages of labour/skills, plus the potential increase in the wage bill • The increased cost of imported goods and raw materials, with the weakening of the pound • New trading terms and tariffs for individual EU member countries if we come out of the single market, as well, perhaps, for our non EU counterparts in the rest of the world • The potential threat of increased tax charges to cover the cost of exit and to underpin the economy during the exit process • Changes and variations to tax legislation generally, as we no longer have to align with or adopt EU tax legislation • Loss of and/or no new funding from the EU for social and economic projects, including those linked to infrastructure, business or deprivation • The potential re-location of UK offices of leading global players, if we come out of the single market. Whilst there are bound to be other concerns creating uncertainty for the period ahead, perhaps the best approach to deal with this is to scenario plan, assessing the likelihood of something occurring, along with the impact such an event may have on your business. With such knowledge, at least thoughts can be given as to how you might mitigate adverse situations or capitalise on the more favourable ones. Certainly, the UK’s exporters should benefit from the weakening of the pound, and, if you are a trade negotiator, you are likely to be in demand. More information James Pinchbeck is Marketing Partner with Streets Chartered Accountants a Top 40 UK accountancy firm. Email info@streetsweb.co.uk or visit www.streetsweb.co.uk issue <strong>19</strong> | page 13
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IQ Magazine Issue 19

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