Four in 10 exporters have reported a fall in international sales since the end of the Brexit transition period, a major study has revealed.
Author Archive: Muhammad Zia
Brexit: How to prepare for full customs controls
As part of the Brexit withdrawal agreement, full customs controls will come into force on 1 January 2022.
If you move goods between Great Britain (GB) and Northern Ireland or the European Union, here’s how you can prepare.
Visit the Export Support Service
Firms can use the Export Support Service to ask questions about international trading, such as exporting to new markets, what paperwork you will need to sell your goods overseas, and rules for a specific country.
Sign up to the Trader Support Service
If you move goods in or out of Northern Ireland, the Trader Support Service will guide you through any changes due to the implementation of the Northern Ireland Protocol.
Complete the trader checklist
Are you up to date with the latest rules and regulations? Complete the trader checklist to find out what actions you need to take to comply.
Videos
HM Revenue & Customs (HMRC) has published a range of helpful videos and webinars to support businesses in the wake of Brexit.
The full series, such as this video on the Rules of Origin, can be found here.
Sign up to live webinars
For live support and real-time briefings from trading experts, business owners can sign up to HMRC’s live webinars. We recommend registering for the following sessions:
- Steps you need to take before making your supplementary declaration: get advice on how to make a supplementary declaration and how intermediaries can help
- Customs Import Declarations: an overview of the whole declarations process
- What you need to do to keep your goods moving: covering zero-rated VAT, customs declarations, using an intermediary as well as licences, certificates, and authorisations
- Trader responsibilities when using an intermediary: your responsibilities if using an intermediary to complete import or export declarations
- Importing food and drink, and animal products from the EU to Great Britain: DEFRA webinars about upcoming changes and how to register and use the import system IPAFFS (Import of Products, Animals, Food and Feed System).
Get advice today
For help and advice with related matters, please get in touch with our team today.
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Personal tax planning tips
Reducing your tax liabilities is not restricted to your business.
There are several ways to reduce personal tax bills too, many of which we often recommend through our range of probate services.
To find out what steps to take, read our latest Probate Service blog!
Using the gifting allowance
Did you know you can take advantage of the annual gifting allowance of £3,000 to offer one-off donations to your family and friends without being charged Inheritance Tax (IHT)?
Not used this allowance in a previous year? You can backdate this by one tax year to give gifts of up to £6,000.
Capital Gains Tax (CGT)
Can you take advantage of any exemptions, such as the annual CGT exemption?
The CGT annual exemption amount was increased to £12,300 for individuals and personal representatives and £6,150 for trustees of settlements for 2020 to 2021. This is now frozen until 2026.
Below are some other things you can consider:
- Maximising capital gains and income tax rates and allowances through inter-spouse transfers if your annual income is between £100,001 and £125,000.
- Exchanging part of your salary for payments into an approved share scheme or additional pension contributions.
These tips are useful for not only organising your tax affairs during your life but also preparing your estate for probate – the process of sorting out someone’s estate, their property, money and possessions after they’ve died.
And at Rotherham Taylor, we are here to provide expert advice to you on tax planning opportunities for your estate and your beneficiaries.
We are one of a small number of accountancy practices in the UK to be licensed to provide probate services by the Institute of Chartered Accountants in England and Wales (ICAEW).
Made in the UK, Sold to the World: How will Britain’s new trading strategy boost exports?
The UK’s “ambitious” new trade strategy aims to double the value of UK exports to £1 trillion over the next decade, it has been revealed.
The 12-point export strategy, published today, Wednesday 17 November, will give businesses the “tools they need” to sell their products and services around the world.
Here’s how it will work.
What is the UK’s new export strategy?
Published in response to Brexit, the new export strategy – entitled ‘Made in the UK, Sold to the World’ – sets out how the Government will support UK businesses and capitalise on new export opportunities now that Britain has left the EU.
The plan comes after research revealed that just one in ten GB businesses exported in 2020.
The paper introduces a range of new and existing support measures, from the new Export Support Service (ESS) to the expansion of the UK Export Academy and a new UK Tradeshow Programme.
We’ve included a summary of each measure below:
Export Support Service
The ESS is a one-stop-shop for exporting advice, designed to be a “single point of contact and entry” for exporters to Europe.
Through the service, businesses can access guidance on exporting to global markets, advice on overcoming red tape and specific challenges, such as customs and paperwork, and identify new exporting opportunities.
The online platform can be found here.
UK Tradeshow Programme
The new UK Tradeshow Programme will be “bigger and better” and targeted to give UK exporters – and especially small businesses – a platform to exhibit their products and services at the world’s biggest tradeshows.
Export Academy
The UK Export Academy will offer small and medium-sized enterprises (SMEs) the chance to learn how to navigate the technicalities of exporting and how to find new opportunities in overseas markets.
UK Export Finance
The UK’s export credit agency will be expanded to offer new products and a “wider delivery network” that will make it easier for UK exporters to secure business contracts around the world.
Internationalisation Fund
Small and medium-sized firms will be invited to apply for finance to grow international sales and attend global trade fairs.
“Defining moment in national trading story”
Commenting on the launch of the new strategy, Secretary of State for International Trade, Anne-Marie Trevelyan, said: “As we agree ambitious new trade deals around the world, it is more vital than ever that businesses across the UK take advantage of these opportunities and unleash their full exporting potential.
“Our export strategy will help more businesses start exporting and help those who already export to sell more products to more countries. Reaching £1 trillion worth of exports by the end of this decade means more jobs, more opportunities and higher wages helping the UK to level up and build back better.”
Get advice today
For help and advice with related matters, please get in touch with our team today.
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