We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

FRC writes to finance directors with advice on preparing for Brexit

19 Sep 2019

UK businesses have been urged to review their Brexit plans by the Financial Reporting Council (FRC). The FRC has written to audit committee chairs and finance directors setting out the measures firms should consider.

The letter, written by the FRC's Chief Executive Stephen Haddrill, sets out five areas businesses should review. It says the top priority for firms is to ask their employees if they need to apply to the EU Settlement Scheme in order to ensure they can continue to live and work in the UK in the event of a no-deal Brexit.

The FRC also recommends that businesses check whether they will face additional legal, regulatory and/or administrative barriers as a result of a no-deal Brexit.

The Council advises firms to check information with their local chambers of commerce, as well as the government's recently launched Brexit readiness events. These provide advice on areas including importing and exporting and employing EU citizens.

In the letter, Mr Haddrill wrote: 'Even businesses which have invested much time in preparing to leave the EU are well advised to keep their plans under close review. 

'The broad uncertainties that may still attach to exiting the EU when companies report will require disclosure of sufficient information to help users understand the degree of sensitivity of assets and liabilities to changes in management's assumptions. We expect that many companies will want to consider a wider range of reasonably possible outcomes when performing sensitivity analysis on their cashflow projections.'

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2024 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.