Pay online

Privacy notice

Contact us

Map

Client login

01332 202660

e-signing

guide

email

Accountant background

Brexit: What is next?

ARCHIVE

NEWS

BUSINESS

JLY 2016

OUR

PROCESS

GET IN TOUCH
WITH US

GET TO KNOW

US

On 23 June 2016 the UK public spoke and decided to take the country out of the EU. As the UK begins the process of leaving the EU, many businesses will be wondering what is around the corner.

The first thing is that the UK is unlikely to leave the EU within the next two years and a final settlement may take longer, depending on whether the other 27 member states in the EU agree to extend the deadline.

Before this can happen, however, the UK must formally declare its intentions to leave the EU under Article 50 of the Lisbon Treaty.

It is looking more and more likely that this won’t happen until this autumn, following a Conservative leadership race and the selection of a new Prime Minister.

In the meantime, the Chancellor George Osborne has confirmed that we are not likely to have an emergency Budget, as had been suggested in the run up to the leadership vote, but that there is likely to be an increase in tax rates and a cut to public spending at some point. However, in the short-term at least it is business as usual, so to speak.

One thing that should be clear is the uncertainty of this situation. Mitigating this uncertainty and risk for potential investors will be crucial to minimising any negative impact on the UK economy and businesses, which is why The Treasury and The Bank of England are currently carefully monitoring the situation and have said they will do their best to prevent an economic slowdown.

At a more local level, businesses will need to decide how they wish to act or not act during this period. Making the right decisions, at the right time is vitally important to their future, which is why it is important for businesses to have someone that understands them on their side.

Registered office: 61 Friar Gate, Derby, Derbyshire, DE1 1DJ   T: 01332 202660

Adrian Mooy & Co is the trading name of Adrian Mooy & Co Ltd.  Registered in England No. 05770414

       Services

Member of the Association of Chartered Certified Accountants
Phone

01332 202660

61 Friar Gate  Derby  DE1 1DJ

Sign

  up

 

Newsletter 

Tax planning
Tax problems