No deal! If you fail to plan, you plan to fail..
The phrase “no-deal” is assuming a rather specific meaning as the exit from the EU grinds towards a conclusion – the present deadline for achieving a withdrawal agreement is the end of October. If we fail to achieve consensus by that date, there are three outcomes:
- We agree terms for the withdrawal agreement
- We kick the deadline down the road, or
- We leave with no agreement.
Recent debates on this topic would seem to indicate that the first option is unlikely and the second option doubtful. This promotes the no-deal option to the top spot as the most likely.
Although the majority of smaller businesses in the UK do not have direct trading links with firms in the EU, it does not stretch imagination by much to realise that our expanded supply chains (customers of our customers, suppliers of our suppliers) are EU businesses.
The inevitable conclusion here is that if a no-deal outcome comes to pass and if this triggers a disruption in supply lines, then we all need to sit up and take notice.
Many firms who trade with the EU have already put strategies in place to protect their businesses in the event that we leave the EU with no-deal and have to cope with World Trade Organisation tariffs.
Other practical difficulties, moving goods across the channel for example, require more imaginative planning.
It could be construed as telling that the only detailed instructions published by government departments cover the no-deal scenario.
We recommend that all businesses take a look at this material:-
We are working with our clients who wish to run risk assessment tests and create plans that will help them manage a no-deal transition.
If you would like to avail yourself of this advice, please call us.
This topic is now assuming greater prominence and there really is little time left to get prepared…
Always remember the good old adage… “If you fail to plan, you plan to fail”.
Find out more through THP Chartered Accountants
If you have any queries as you get up to speed, do be sure to get in touch with us here at THP Chartered Accountants. We’re putting a great deal of thought into how these potential changes could affect our clients!
Alternatively, we can also provide you with everyday assistance with bookkeeping and accountancy, auditing and business management or company restructures and acquisitions and much more, offering everything you need to take your SME forward. Contact us today, with offices in Chelmsford, Cheam, Wanstead, Saffron Walden and London City.