Tax<\/h3>\n When you start-up a business, you quickly learn that you are responsible for paying several different taxes. Depending on the nature and legal structure of your business, you will have to pay corporation tax or income tax, National Insurance, and potentially capital gains tax, business rates and VAT.<\/p>\n
While it is not essential, most SMEs benefit from the services of an accountant. The amount of money they save you should outweigh their costs. Choose carefully, however, go by personal recommendation, check references and, if possible, look for an accountant that specialises in your area of\u00a0business.<\/p>\n
If you\u2019re going to be exporting and importing into Europe and perhaps further afield, it should prove invaluable to have an accountant that is familiar with international trade and aware of how possible tariffs and VAT on EU trade could impact.[\/vc_column_text][\/vc_column][\/vc_row][vc_row equal_height=”yes” el_class=”consumers-column”][vc_column width=”1\/3″ el_id=”regulations”][vc_column_text el_class=”consumers-block”]<\/p>\n
Regulations<\/h3>\n From recruitment to pharmaceutical research, whatever industry you\u2019re in, you can\u2019t avoid regulations. To operate safely and professionally you will need to ensure that you comply with all the rules and regulations that govern a business\u2019s general operations, such as workplace health, safety and welfare\u00a0rules.<\/p>\n
You will also need to follow the specific regulations for your industry, such as REACH (The Registration, Evaluation, Authorisation and Restriction of Chemicals) if you work with\u00a0chemicals.<\/p>\n
And, these regulations could become more time-consuming and convoluted following Brexit as the UK may have to create separate regulatory organisations that mirror the EU regulations. This means that to operate within the UK and the EU, a chemical producer, for example, would have to register their products with REACH, as well as the UK\u00a0equivalent.[\/vc_column_text][\/vc_column][vc_column width=”1\/3″ el_id=”professional-qualifications”][vc_column_text el_class=”consumers-block”]<\/p>\n
Professional qualifications<\/h3>\n Some UK professional qualifications are recognised in other countries and currently most are recognised throughout the EU and the European Economic Area (EEA).<\/p>\n
After Brexit, there may no longer be a system of reciprocal recognition of professional qualifications between the EEA states, Switzerland and the UK. The world is becoming an increasingly global community. If you\u2019re operating as a professional, think about whether it will be worth you qualifying to operate in markets outside of the UK in order to expand your business footprint.[\/vc_column_text][\/vc_column][vc_column width=”1\/3″ el_id=”staffing” el_class=”last-column”][vc_column_text el_class=”consumers-block-last”]<\/p>\n
Staffing<\/h3>\n If you\u2019re employing staff, you will need to see that you are conforming to employment legislation, this means paying at least the minimum wage, covering at least statutory maternity and paternity leave, offering paid holidays and providing a pension scheme.<\/p>\n
Health and safety legislation must also be adhered to; this means all factory, retail and office equipment must be regularly serviced and deemed safe, protective clothing must be provided if required; and the working environment must be kept clean, which could mean the additional employment of a\u00a0cleaner.<\/p>\n
You will also need to check that any EU staff have Settled Status or are in the process of applying for it. You may need to assist them with the paperwork for this.[\/vc_column_text][\/vc_column][\/vc_row][vc_row equal_height=”yes” css=”.vc_custom_1551173867776{margin-bottom: 40px !important;}” el_class=”consumers-column”][vc_column width=”1\/3″ el_id=”importing-exporting”][vc_column_text el_class=”consumers-block”]<\/p>\n
Importing and exporting<\/h3>\n If you are selling goods overseas or bringing in goods or component parts from overseas, you will need to be familiar with the relevant tariffs, VAT and customs procedures for the different territories that you are working with. You may find it time and cost effective to use a customs agent to make your import and export declarations for you.<\/p>\n
Trading with the EU will also become more involved following Brexit. In preparation for this, you must apply for a\u00a0 UK Economic Operator Registration and Identification (EORI) number and you could also benefit from becoming an Authorised Economic\u00a0Operator.<\/p>\n
And, as when trading with outside of the EU now, following Brexit you will have to comply with Rules of Origin, this means declaring where each of the items that you are sending in to the EU originated from. If you have a product, such as a coffee machine, that is made up of dozens of component parts that originate from several different countries, this becomes an intensive task.[\/vc_column_text][\/vc_column][vc_column width=”1\/3″ el_id=”purchasing-supply-chain”][vc_column_text el_class=”consumers-block”]<\/p>\n
Purchasing and supply\u00a0chain<\/h3>\n There is an art to perfecting the buying of the components and services that you require to run your business. Buy more than you need at anyone time and you could end up with cash flow and storage problems, don\u2019t buy enough and you could disrupt the output of your goods and services, which could severely damage your business.<\/p>\n
Harness different technologies to monitor your inputs and outputs and ensure that your suppliers offer the facility to scale up and down quickly. You will also need to audit the different providers in your supply chain to ensure that they consistently provide quality goods and services on time and on budget.[\/vc_column_text][\/vc_column][vc_column width=”1\/3″ el_id=”training” el_class=”last-column”][vc_column_text el_class=”consumers-block-last”]<\/p>\n
Training<\/h3>\n In most sectors of trade and industry it is necessary to comply with an ever changing list of rules and regulations and, as the UK leaves the EU, this list will quickly grow. This is why it is important to keep on top of required accreditations and, ideally, instigate a rolling professional development and training programme for yourself and your staff.<\/p>\n
Most trade and industry bodies provide advice on required courses and training\u00a0programmes.[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1551173856651{margin-bottom: 70px !important;padding-top: 0px !important;padding-right: 30px !important;padding-bottom: 0px !important;padding-left: 20px !important;background-color: #fde8ed !important;}”][vc_column css=”.vc_custom_1551038929222{padding-top: 0px !important;}”][vc_column_text el_class=”consumers”]<\/p>\n
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