HomeAbout UsContact UsPrivacy PolicySitemapHow Brexit Impacted Small Businesses in the UKSep03June 23, 2016 will be an important date in the history of the UK as it is the date when the British people decided to exit from the European Union. This key decision will have some repercussions on the local economy and especially the small businesses. According to webcreationUK reviews, who published a blog post in April this year, small businesses based in the UK were advised to be prepared for a knock-out effect if Brexit materializes.A number of legal and business experts emphasized the need for small businesses to make adequate forecasts to be prepared for the exit of Britain from the European Union. There were some expected modifications in taxation policies and restrictions on global trade if the exit materialized. This was meant to assist small businesses after Brexit. At the same time, there would be some positive consequences that small businesses would stand to benefit from Brexit and below is a review on how small businesses will be affected now that Brexit was confirmed by a majority of the British people.Impact on the SMB FundingLocal banks are responsible for offering funding to small-scale and household businesses. Pension and hedge funds do not deal with such businesses typically as they do not have the vital local knowledge. Individual loans are too small to be derived from such funds and therefore the decision by Britain to separate from the EU will not affect the availability of SMB funding. Although the EU has special schemes for the SMB financing that would cease with Brexit, these programs are operated through the European Investment Bank and this has not had a significant impact on the small business lending.Immigration and Work PermitsSmall businesses in the UK will experience changes in these areas after the country finally separates from the EU in two years. Immigration policies and work permits will definitely change due to Brexit. There are so many people who live and also work for gain in the UK and belong to the various EU member states. After Brexit, all these people will have to go away from the UK not unless new legislations are brought into place to grant them permission to stay on. All the small businesses in the UK that have hired EU workers on either permanent or temporary basis will have to go back to the drawing board to ascertain how they are supposed to deal with the situation. There is a huge desire and political will to make the UK a lucrative region for businesses to operate in after Brexit and small businesses will stand to benefit.Patent ProtectionBrexit will have a huge impact on the process of patent protection as it was previously done by the European Patent Office. Businesses used to pay a single renewal fee that was relevant in all EU states. It is now widely expected that small businesses will have to apply for a patent for the home market and also the European foreign markets they intend to venture in