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Brexit A "Big Blow" To UK's Micro-Businesses

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This result is a big blow to the UK's micro-business sector and I think that a lot of people will be very concerned about what the future will hold.

  • Exporters Are Going To Be Heavily Hit 
  • Government Must Make Clear What Will Happen Next Week

It was clear during the run up to the referendum that the overwhelming majority of micro-business owners and freelancers were in favour of the UK remaining in the EU, and that they did not think a 'Brexit' would be beneficial for their own businesses or the economy in general.

"The ramifications of leaving the EU are going to be huge - especially for small businesses who sell products and services worldwide, rather than just domestically. And we now look set for a lengthy period of uncertainty while negotiations presumably take place over the terms of the UK's exit.

"I would therefore urge the government to be as swift as possible in providing updates about how these discussions are progressing, and give every business owners in the UK clear, up-to-date information about what the effects of Brexit will be on important issues such as trade and tax. The last thing the business sector needs is to be kept in the dark."

About Ed Molyneux:

After completing his degree in Engineering and Computer Science, Ed spent a decade flying military fast jets in the RAF before taking the plunge into freelance IT consultancy in 2002. However, he found that trying to balance his books with a spreadsheet was a painful process and decided that freelancers needed a simpler and more intuitive way to manage their accounts. He co-founded FreeAgent in 2007 with a view to “democratise accounting” for micro-businesses - making people feel smart, not stupid, about their finances. The company started life in Edinburgh as a three-man operation, but has now grown to 90+ staff.

About FreeAgent:

FreeAgent provides a multi-award winning online accounting system specifically-designed to meet the needs of micro businesses, freelancers, contractors and their accountants. More than 40,000 customers currently use the award-winning system to manage and maintain their business accounts, track time, log their expenses, create and send invoices and forecast their tax bills.

FreeAgent has been listed twice on the Deloitte Fast 50 - the annual list compiled by Deloitte that highlights the fastest-growing technology companies in the UK - and was listed in the FinTech50 2014 rundown of Europe’s most innovative financial technology companies. Its software has won top prizes at the British Accountancy Awards and the AccountingWEB Software Satisfaction Awards. FreeAgent is also an official 2015 ICAS partner.

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