It was revealed last month that 35% of UK businesses are forecasting a profit drop in 2019.

These findings were uncovered by the Chartered Institute of Management Accountants (CIMA), who recently conducted the survey with 1,496 of the nation’s finance professionals.

The answers from the respondents, which included both Finance Directors and CFOs, lay bare how unprepared companies are for the effects of Brexit, with the subject being a key reason for CIMA undertaking the research in the first place.

The 35% that predicted a decline in profits next year did so as a result of the UK’s exit from the European Union. Furthermore, 27% are expecting flat profits and only 5% are estimating a profit rise, whereas 58% are bracing themselves for an increase in business costs. This all comes despite 77% of organisations saying that they have taken steps to prepare for Brexit, with just 20% of these then admitting to having carried out a full risk assessment for each potential impact.

Commenting on the above, Andrew Harding, Chief Executive of CIMA, points out that although finance professionals are typically well prepared thanks to the abundance of data at their disposal, they are now struggling due to the high level of uncertainty.

It must also be noted that as the long-term influence of Brexit will not be known until the negotiations take place, the future outlook may well be more positive than it is at the moment.

Working with companies throughout Leeds, Yorkshire, the North East and the rest of the UK, the insolvency practitioners at Walsh Taylor help out clients to formulate workable solutions for their monetary problems.

If you are therefore struggling financially and would like more information on how we can be of assistance, please feel free to give us a call today on 03300 244 660.

Mary Taylor

Mary began working in insolvency for a national accountancy practice in Glasgow thirty years ago and worked in most divisions of the insolvency department.

She then moved to a smaller firm so she could advance her knowledge on a more hands on basis. She moved back to Leeds in 1987 and commenced working with a small firm of accountants and subsequently made partner.

She left in 1999 to set up her own practice, McCann Taylor.
McCann Taylor became involved with the consumer market both in England and Scotland.

Mary sold McCann Taylor in March 2007 and formed Walsh Taylor to concentrate on helping businesses experiencing financial difficulties.

Meg Heath

Meg has a background in supporting SMEs, including the raising of finance and advising on organisational change. She is a non-executive director of companies in the private and third sector, including Walsh Taylor.

Previously she was Deputy Fund Director of one of the largest CDFIs in the UK, and has experience of the social enterprise, charity and private sectors. Her experience of assisting companies to survive and thrive has been gained across a broad range of sectors and in companies of all sizes.

In addition to her work at Walsh Taylor she works for other private companies, including non-executive and trustee positions.

Emma Mifsud
Insolvency Practitioner

After graduating from Leeds University in 2005 with a BA Hons degree in Criminology, Emma worked for a regional law firm in both the property department and insolvency and banking department. Whilst doing so Emma gained a Graduate Diploma in Law at BPP University.

Emma then joined a national accountancy firm in 2009 gaining experience in personal insolvency before moving to a Leeds based firm. At this firm Emma specialised in bankruptcies, IVA’s and negotiating informal agreements with creditors. In 2013 Emma gained her CPI qualification.

Since joining the firm in December 2013, Emma has taken on a portfolio of personal and corporate insolvency cases to extend her knowledge and expertise in all areas of insolvency.

In December 2017 Emma become a licensed appointment taker under the Insolvency Practitioners Association, she is JIEB qualified.

Walsh Taylor Finding workable solutions for your financial problems
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