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How your accountant can help you prepare for Brexit

Right now, a lot of company owners are thinking about Brexit, especially those who currently do business with Europe. This is very wise and it is actually something your Liverpool accountant can help you with.

The fact that Liverpool has easy access to a port and several airfreight terminals makes it the perfect place to export from. Many, Liverpool-based firms already sell abroad; in fact, the UK Trade & Investment (UKTI) has just added five of the city´s firms to its list of Export Champions, including Isothermal Technology and Power Systems. Plus, there are 3,000 manufacturing firms based here, many of which import materials from Europe. So, we know that many of you will want to know how your accountant can help you to be ready for the changes Brexit will bring.

Identify potentially unprofitable products

If you there are going to be custom tariffs, the additional costs associated with administering and paying these will need to be factored into your business expenses. Your accountant can help you to put together modeling spreadsheets that will allow you to quickly work out the impact this will have on you. As soon as the rules become clear, you will have the tools you need to go through your product or services and work out whether it will still be viable to continue supplying them to EU customers.

They can help you to narrow down the ones you should check first. For example, they could generate a list of those products that only make a small profit. These are the products or services where any profit could be totally wiped out by the need to carry out additional admin to process the order. This will enable you to put these on hold, so you do not end up losing money. Once things have settled down, you can return to them, work through the figures again and maybe relaunch them.

Help you identify and enter new markets

Brexit has the potential to make it easier to export more to countries outside of the EU. It is a big opportunity that your accountant can help you to explore. They can help you to identify which of your existing products and services you could sell abroad.

Recent figures released by the currency exchange firm WorldFirst show that international currency transactions made by UK firms are already up by 5%. So, many UK firms are already exploring the opportunities and trading more abroad. If you want to join them, ask your accountant how they can help you to explore this opportunity.

Be ready to compete more effectively

Your Liverpool accountancy firm cannot predict exactly what’s going to happen after Brexit. However, what they can do is to help you to be ready to move fast once everything does become clearer.

Those who are prepared are the firms that will succeed. In many cases, there will be the opportunity to pick up new work. Inevitably, some firms will not be as well prepared as you are for the change. As a result, some customers will be looking for someone new to supply them, thus representing a big opportunity for you.

Posted by Mark
June 1, 2018
Economy

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