Accountant and Law UK200 Group Gives Brexit Advice

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Accountant and Law UK200 Group Gives Brexit Advice

Following the EU referendum last week, members of the UK200Group, the association of independent chartered accountants and law firms, offer SMEs their number one piece of advice in the wake of Brexit.

Daniel Shear, Partner, at UK200Group member firm BKL Tax, said:
“Carry on as usual and don’t panic. 

“We don’t yet know what form an eventual Brexit will take, when it will happen or indeed if it will happen (given the U-turns by so many politicians).  Those campaigning to remain predicted doomsday after the vote but the world is still turning, the birds are still chirping and the sun is still shining (or, more accurately, the rain is still falling). 

“Until the full details of a withdrawal are agreed upon and publicised nothing has changed ‘on the ground’, so business proprietors should continue doing what they do best: carry on running their businesses to the best of their abilities.”

John Painter, Managing Partner at UK200Group member firm CB Chartered Accountants & Business Advisers, said:
“My tip would be to be agile.  Keep open minded about the opportunities that will come and be prepared to change course when confronted by new barriers that may appear.”

John Watkins, Senior Partner, at UK200Group member firm Dickson Middleton, said:
“My piece of advice to cover the whole Brexit spectrum would be to not make promises when you are happy and not to make decisions when you are angry.  Take time to reflect on what you are presented with when the merry-go-round comes to rest and the actual future path for the country is clearer.”

UK200Group member firm Hillier Hopkins LLP, said:
“Over the last few days’ clients have asked us many questions. Should we hold back pay increases/employment decisions? Should we avoid capital expenditure? Should we liquidate investments, consider down-sizing, back out of acquisitions, and so on?

“Our answer is always the same: why? Use the same careful judgements you would always use, and do not be panicked by the media. Brexit is just one more factor to consider. As yet, we have no facts, only speculation, so any action you take will only be gambling. Some people will get lucky and read the future well, others will not, as with everything.”

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