info@inn-control.co.uk
Blog
Almost two-fifths of small businesses are looking to trade overseas
22 Mar
Despite the impact that Brexit has had on trade in the UK, a new survey conducted by YouGov has found that 38 per cent of small businesses are likely to trade overseas this year.
The study, commissioned by Lawbite, found that of the 791 small businesses questioned two-fifths were planning to trade overseas, which scaled nationally could mean that 2.28 million SMEs are seeking opportunities outside of the UK.
Of those surveyed, more than half of the businesses operating in the manufacturing sector said that they still plan to trade in Europe, with slightly more than a third saying they intended to trade with markets in Asia instead.
While the survey reveals an appetite for overseas trade, it also found that nearly a quarter of businesses would conduct more foreign trade if the legal and regulatory barriers were less complicated.
This is not surprising given that nearly half of all British exporters to the EU said they are facing new complications due to mounting red tape and border disruption, according to a similar survey recently published by the British Chambers of Commerce (BCC).
Despite these complications, a follow-up survey from the BCC also found that 44 per cent of UK exporters to the EU market plan to increase activity in the EU export market, while 27 per cent intend to consolidate their current position rather than grow. Only 13 per cent of the businesses surveyed said they intend to reduce exports to the EU.
Links: Nearly a quarter of exporters to the EU considering holding back activity in the EU & More than a third of UK small businesses pushing to trade overseas in 2021
Archive
- Are you prepared for changes to the income tax basis?
- Survey shows taxpayers are still unprepared for Making Tax Digital switchover
- The benefits of taking on an apprentice
- Be prepared if you decide to adopt a working from home policy
- How to minimise Inheritance Tax bills as house prices surge
- ‘Umbrella’ contracts firm loses £11m tribunal case against HMRC
- Britons lose millions in penalty charges as they cash in LISAs
- How hard-pressed SMEs can obtain business support
- Be prepared for changes to VAT penalties and VAT interest charges
- Penalties for misuse of Coronavirus Job Retention Scheme
- Managing costs to offset spiralling inflation – Our top tips for cutting your bills
- Take action – Loans to small businesses drop to record low
- ‘New deal’ for tenants to be delivered in Renters Reform Bill
- National Insurance thresholds are changing – Are you ready?
- Make sure you are making the correct PAYE payments to HMRC
- Could Government-backed business loans become permanent?
- Working from home tax relief continues, but fewer employees likely to be eligible this year
- Our top tips for hiring your first employee
- Revenue updates guidance on tipping apps
- Expansion of the Trust Registration Service – What you need to know
- Don’t ignore the warning signs that you or a customer’s business is in trouble
- Keeping a lid on business expenses
- How can you finance a new business?
- Getting to grips with the new National Insurance and Dividend Tax Rates
- Looking to start a new business? You aren’t alone
- R&D Tax Credits – What is changing next year
- HMRC to launch new mandatory P87 expenses form
- Spring Statement 2022
- Are you making the most of super-deduction tax relief?
- Retain key staff with salary sacrifice schemes
- Cash flow statements – How to avoid errors that damage your business
- How to make the most of cloud-based accounting software
- Avoid the pitfalls of the SEISS scheme
- Company tax returns must include COVID-19 grants says HMRC
- HMRC focuses on backlog of work by shuttering telephone services
- Top tax tips to help your business save money
- Nearly half a million SMEs at risk of failing due to late payments crisis
- Fears over move to MTD, as few take part in income tax pilot scheme
- Company directors banned for Bounce Back Loan fraud
- New tax rules on holiday lets – What does it mean for owners?
- Most popular options available when setting up a new business
- Can you avoid the P11D process?
- Give yourself Time to Pay
- Cash no longer king as card payments surge in lockdown
- Be prepared for changes to Corporation Tax in 2023
- Accountants critical to the success of SMEs
- How the penalty system for late tax submissions is changing
- Income tax basis periods – What unincorporated businesses need to know
- New COVID financial support announced
- Prepare now for the final stage of MTD for VAT
- Eight New Year’s resolutions that businesses should follow
- Homes price boom sparks a big rise in Inheritance Tax receipts – What can you do to save tax?
- PAYE Settlement Agreement can save time and costs
- Self-Assessment taxpayers warned over fraudsters trying to steal information
- Should payments made by an employee for vehicle and uniform rental be treated as reductions when calculating the National Minimum Wage (NMW)?
- Plan B – What does it mean for you and your business?
- Take advantage of the extension to the Recovery Loan Scheme
- Simple steps you can take to cut business costs and maximise profits
- Is your business struggling with debt? Regain control today
- Top tips for filing your Self-Assessment tax return
- How businesses can avoid becoming the victims of fraud
- Need Help to Grow? Learn about the latest Government-backed support for SMEs
- Business rates reform – How will it affect you
- What Is the Best Cloud Accounting Software for UK Restaurants?
- Autumn Budget 2021
- Worried COVID Plan B may affect you or your business?
- I have been sent a nudge letter by HMRC – What should I do next?
- Received a CJRS compliance check? Act now!
- MTD for Income Tax delayed – What it means for you
- Buying a business – Top tips to secure the best deal
- Six steps to secure finance for your business
- Managing business costs – what the energy and supply crisis may mean for your company
- Kickstart Scheme and apprenticeship incentives extended
- Final SEISS deadline – Submit your claim by 30th September!
- SME confidence is on the rise as employers make plans to expand their workforce
- Minimum wage non-payment excuses ‘outrageous’
- Couples could be missing out on tax breaks
- New weapons in the war on cybercrime
- Beware of rising house prices increasing Inheritance Tax liability
- Frustrated SMEs turning to unsecured loans to grow businesses
- How will the National Insurance and dividend tax increases affect me?
- Beware of exceeding your pension pot allowance
- Draft legislation published for next Finance Bill
- Super-deduction gives businesses confidence to grow
- Taxman says help available as debt collection resumes
- SMEs optimistic and frustrated as economy set to thrive
- HMRC auto-correcting 2020-21 SEISS tax returns
- The fifth round of the Self-Employment Income Support Scheme (SEISS) is now open
- Government updates self-isolation rules with limited exemptions for 16 sectors
- Freedom Day – What does it mean for businesses?
- Time to prepare for Corporation Tax changes
- Making Tax Digital for Income Tax – Get ready now!
- Points-based system for HMRC late payment penalties
- Take account of your year-end tax liabilities
- Director’s ban a warning to others to keep proper company records
- Don’t miss the deadline for renewing tax credits
- A helping hand with the cost of children’s summer activities
- CJRS – Upcoming changes to payments and the furlough scheme
- Preparing for the end of the Stamp Duty Holiday
- Government extends ban on commercial evictions until March 2022
