In the event of a no deal Brexit small and medium sized firms (SME) and Amazon retailers will be especially vulnerable.
CBI (Confederation of British Industry) say 40% of SMEs that trade internationally do not have any plans for Brexit. The majority of small businesses are finding it impossible to even begin the planning procedure. Companies are already spending billions on planning for a no deal Brexit. However, the advice they are receiving remains unclear in terms of times, cost, and complexity, according to the industry body.
Many online retailers that use Amazon to sell their goods, might find their businesses switched off if we have a no deal Brexit. This is because the UK data protection standards would not be recognised by the EU in if a no deal was to occur. Even though the UK said that they would accept EU data compliance the EU have not said anything of the sort which would leave online retailers stuck in the event of a no deal.
Josh Hardie, deputy-director general of the CBI, said: “Businesses are desperate to move beyond Brexit. They have huge belief in the UK and getting a deal will open many doors that have been closed by uncertainty. There is a fresh opportunity to show a new spirit of pragmatism and flexibility. Both sides are under prepared, so it’s in all our interests. It cannot be beyond the wit of the continent’s greatest negotiators to find a way through and agree a deal.
How Can We Help
At Hawsons we have an experienced dedicated team of SME accountants in Sheffield, Doncaster, and Northampton. If you are concerned about how Brexit might affect your business feel free to contact us for your first free initial meeting here.
If you want to find out more information about our experience and expertise click here.
More from our retail experts
You can find all of our latest retail sector news and newsletters here.
If you are looking for advice in a particular area, please get in touch with your usual Hawsons contact.
Alternatively, we offer all new clients a free initial meeting to have a discussion about their own personal circumstances – find out more or book your free initial meeting here. We have offices in Sheffield, Doncaster and Northampton.
Free initial meeting
0114 266 7141