The Institute of Chartered Accountants in England and Wales (ICAEW) has warned that businesses in the UK must prepare for a no deal Brexit.
Research carried out by the Institute has revealed that a fifth of UK firms haven t considered the impact of Brexit on their business.
Many business owners believe that the UK s exit from the EU will have minimal to no impact on their firm, according to the ICAEW.
It has urged businesses to put contingency plans in place in order to prepare for a no deal Brexit, and to consider what this scenario could mean for their firm.
With less than a year until Britain leaves the EU, the prospect of an agreement in time is looking increasingly unlikely, said Michael Izza, Chief Executive of the ICAEW.
Even with the transition period until the end of 2020, too much still needs to be determined on how UK businesses and professional services will work both with and in Europe.
Meanwhile, the research also suggested that 77% of businesses do not consider EU regulations to be a burden to growth, with a further 80% of firms committing to complying with EU rules once the UK has left the bloc.