The survey of more than 1,200 firms by Harper James Solicitors saw almost half (47%) admit this was their main worry as talks with the EU enter their final days.

More than a third (37%) of those polled say having access to enough cash once we leave the European Union topped their list of concerns.

While nearly a fifth of the businesses who took part (16%) said they feared not being able to recruit staff in the same way as when we were part of the EU.

Yesterday Toby Harper, the CEO of Harper James Solicitors, said the results underlined the need for ‘razor-sharp’ advice from Ministers.

“Businesses hate uncertainty,” said Mr. Harper. “And the overwhelming view of the clients we support is they fear not being able to comply with the myriad of new regulations which could be coming down the line.

“The Government must therefore provide clear and effective advice to ensure businesses can best prepare for another huge challenge - in a year which has seen the pandemic push so many to the brink.”

Commenting on the weeks and months ahead, Mr. Harper added: “There’s no doubt that preparing a business for the end of the transition period continues to be made all the more difficult due to the current uncertainty. But putting in a place a Brexit impact assessment now is a vital first step.  Taking time to get prepared right now can mean the difference between being ready for changes on 1st January - or being left behind.”

In a bid to help businesses prepare, Harper James Solicitors are releasing a free online guide, Brexit Unwrapped For Entrepreneurs.

It provides advice on how firms can navigate challenges around staffing, cashflow, new regulations, changes to the law and issues which may affect their supply-chains.

To access Harper James’ Solicitors’ guide Brexit Unwrapped For Entrepreneurs, click here.