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So, the results are in. Like it or loathe it, it is crucial that management teams consider the short and long-term implications Brexit will have on their business.

Although the vote for Brexit may have little immediate impact beyond increased volatility in the currency markets and stock markets, if there is an Emergency Budget designed to calm markets this may bring substantive tax changes fairly quickly.

In the longer term, the effects on business could be more fundamental and are unlikely to make it easier to do business within the EU. How much more difficult EU trade becomes will clearly depend on the terms the UK can agree for Brexit but this may not become clear for many years.

In the meantime, uncertainty over the UK’s relationship with the EU will continue for months or years, creating a drag on the economy as businesses and consumers take a wait and see approach to investments and major purchases.

As with all major economic shocks, businesses that remain engaged and adaptable will be best placed to trade profitably through the changes and make the most of the opportunities that they offer. Here we look at five of the key tax implications for UK businesses.

 

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