Many British SMEs avoid trading outside the UK, fearing the unknown and opting for the security of the home market. This is to ignore the real opportunities that exist to sell goods and services abroad. So where do you start? By holding an initial meeting with us.
Odiri Tax Consultants’ advice extends beyond our borders to supply the required planning and to take you through all the questions and issues that you will need to consider.
There is advice and even financial assistance available from the Government, especially the Department for International Trade (DIT) and British Embassies/Consulates; as well as other organisations such as Chambers of Commerce. You need to know how to use these to the best advantage.
In our experience, some of the commonly-raised issues include –
1. What are the most promising markets for this business
2. How do taxes work on exporting, including VAT (especially post-Brexit)
3. Will the business need to meet any new regulations
4. Are there specific reporting or testing requirements in each country
5. Which currencies should I invoice in
6. Can we get credit insurance from the Government
7. Do we need to set up a new office or company abroad
8. Are there tax advantages to an overseas holding company
All these points and more will be considered by our tax and business experts – they will also advise on tricky issues such as hiring abroad, exhibiting, joining business missions, finding distributors, transfer pricing to a subsidiary, countries that have double taxation agreements with the UK, import/export tariffs, and the differences between trading with the EU and the Rest of the World.
As you can see from the above (far from comprehensive) lists, there is every reason to consult with us and plan your global expansion properly.
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