June 27 2016.

David Brookes, tax partner at accountancy and business advisory firm BDO LLP, looks at the tax implications that leaving the EU has on UK businesses...

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.

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