RiskBrexit80% of businesses expect difficulties in European trading post-Brexit

80% of businesses expect difficulties in European trading post-Brexit

Post-Brexit trading problems are expected by 80% of UK businesses but 60% have no strategic plan to tackle the issue, a recent survey found.

European trading difficulties after Brexit are expected by 80% of UK businesses, a study by VAT consultancy firm Accordance reported.

However, 60% of respondents do not have a strategy to combat the impact on their businesses’ VAT position after March 2019.

“It is clear from these survey results that UK businesses are aware but not prepared for the changes ahead,” said Nicholas Hallam, CEO of Accordance.

Hallam suggests that businesses need to “consider their VAT position and develop a strategic plan for the complex issues around Brexit and the difficulties of trading with Europe once we are outside the current VAT systems.”

When questioned about specific business areas that respondents were most concerned about, supply chain topped the list, closely followed by import VAT and fiscal representation.

UK Conservative MP Anna Soubry is endeavoring to do a cross-party amendment to the Trade Bill with the view of retaining a customs union with the EU.

Despite her efforts, just 38% of respondents believe that the UK will form the union.

 

 

 

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