Brexit checklist released for UK businesses

(2 minutes to read)

A business organisation has launched a simple checklist to help firms keep their cash flowing through Brexit.

The Chartered Institute of Credit Management (CICM) has released a checklist for businesses in order to help with their cashflow, regardless of the Brexit outcome.

The guide challenges businesses to question how well they know their respective customers under four key headings:

  • Goods and the supply chain
  • Processes and contracts
  • People and organisation
  • Cashflow

For example, it advises that businesses should consider whether their customers are dependent on raw materials from organisations in the EU, whether they will have to re-issue or re-negotiate contracts, or whether they are dependent on staff or skills that might become in short supply in a post-Brexit Europe.

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It also advises businesses to assess how their customers might be impacted by exchange rate fluctuations, whether they will have to pay more to source existing supplies, and whether they operate with profit margins that are so small that even a slight increase in cost will have a disproportionate effect on their future well-being.

Philip King, the CICM’s Chief Executive, says that firms can mitigate the risks they face by asking some simple questions. He explained, “The credit manager’s mantra of ‘know your customer’ will be more important than ever as we head towards a Brexit conclusion.

“Asking the right questions early will enable you to put plans in place that will help you be better prepared for whatever outcome.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of Contractor Umbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.
  • Same day payments- We offer same day payments as standard providing funds are received into our account by 9am, for no additional fee.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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