Matthew Upex from Moore Thompson discusses Brexit

Matthew Upex from Moore Thompson looks to next year in his latest column:

I think most people will be able to agree that 2020 is a year we would rather not repeat.

As the final days of the year draw to a close, it is worth looking ahead at what businesses may face in the year to come.

One of the most significant changes, which will affect businesses from the first day of the new year is Brexit, or rather the end of the Brexit transition period.

From January 1 businesses face an entirely new set of challenges when it comes to trade, VAT, the recruiting and retainment of staff, overseas travel and a whole host of other important issues.

This landmark change in trading relations with our closest partners is likely to affect some businesses more than others, especially those that are reliant on imports and exports from the EU.

However, no business will be entirely free of consequence from Brexit, whether they experience issues with their supply chains or complications to how they store and manage personal data.

The Government has set up a comprehensive set of guidance and actions for businesses to follow before December 31 and our firm is also supporting businesses with information, guides and advice.

It is really important that local businesses prepare for this fundamental shift in the economy now, not only so they are prepared for any new challenges, but also so they can take advantage of any new opportunities that may arise.

As well as Brexit, businesses are likely to have to continue contending with complications from COVID-19. While the nation is no longer under a full lockdown, many tough restrictions remain in place and it is imperative that companies assess how these may limit their operations.

The Government has extended some of the support that was on offer into the new year and has indicated that more measures may be on the way to help with local restrictions.

We also continue to hear more positive news about potential vaccines and treatments, which may mean that at some point many of the restrictions can be lifted and we can return to some form of normality.

Businesses cannot afford to wait to see what happens with either Brexit or the pandemic. With many already facing issues with cash flow and growth, it is important that they take action now and seek professional advice, be that in the form of sourcing funding, or preparing forecasts.

We are standing by local communities to offer help and advice on a wide range of issues, so businesses shouldn’t hesitate to get in contact with our team.