In a recent survey conducted by Pandle, our bookkeeping software, it was revealed that opinion is still split on Brexit and its potential effects on small businesses in the UK.
Over a third (37%) of small business owners responded that they believe Brexit will affect their business positively. Another 30% said the opposite that it would have a negative effect and a further 33% said that they were unsure.
Business negotiations including importing exporting with the EU and access to the single market have been at heart of talks and concerns for many businesses.
41% of respondents say that they think Brexit will cause difficulties in business negotiations when importing from the EU. 26% said that they didn’t believe Brexit would affect their business.
20% of those surveyed said that they think Brexit will mean they will be making fewer exports to the EU. 9% cited other reasons for this besides Brexit which included things like currency fluctuations and consumer confidence. 4% said their main concern was having a small pool of talent.
Business owners were asked whether they thought that the government would stick to Brexit deadlines. 46% said no and 42% said yes. A further 12% said that they were unsure.
When asked whether the government was doing enough to support SMEs throughout Brexit negotiations, 56% of business owners said they felt supported.
Time to prepare
When asked about the amount of time their business has had to prepare for potential changes brought on by Brexit, 47% said that they felt rushed. 42% said that they didn’t and another 11% were unsure.
About the survey
As well as Brexit, Pandle’s small business survey posed questions on Making Tax Digital and Self-Assessment to 1,000 SME owners. Overall, opinion has been mostly positive with tax processes becoming easier for 46% of SME owners.
A variety of businesses were surveyed with respondents from healthcare to IT, insurance and accounting. Most of the respondents own businesses that employ between 1-5 workers (47%) and are between 1-2 years old (50%).
For the full results you can visit Pandle’s site here. What do you think of the small business survey results? Let us know what you think in the comments.