Tag Archive for Exporting

Originally written by sarahgunton on Small Business
6 steps to getting ready for Brexit
Here, we guide you through the six steps companies should be looking at if they’re getting ready for Brexit with detailed advice as to how firms can best prepare.
#1 – Tax, tariffs and customers
From January 1 2021, an Economic Operators Registration and Identification (EORI) number is required to move goods into or out of the EU. Register for an EORI number here. All goods imported to the UK will also be subject to UK Global Tariffs from 2021. As a business owner you check what these will be here.
>See also: EORI number: What it is and how to get or check one
If the UK leaves the EU without a deal, there will be new tariffs on many goods and services that are exported from the UK to the EU. Even if a deal is agreed, there may still be tariffs to pay on some traded items. Those goods that we export to the rest of the world that are currently subject to EU-negotiated tariffs will be subject to new duty rules too, many of which have yet to be agreed.
Getting ready for Brexit

Monitor announcements about new foreign tariffs

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5 things to remember when exporting for the first time

by Mike Wilson • January 3, 2020 • 0 Comments

Originally written by Mike Wilson on Small Business
More and more start-ups and small companies are incorporating international sales as a core part of their business strategy from the get-go. Exporting for the first time is something more small businesses are thinking about.
In fact, around 10 per cent of all UK SMEs are exporters, with hungry, outward-thinking small firms breaking international markets and capitalising on the average £287,000 additional sales revenue each year which facilitating international orders can deliver for small businesses.
And research from the Government’s export credit agency, UK Export Finance, has found that firms trading internationally grew at a rate of over 15 per cent compared to just 8.4 per cent for those focusing on domestic markets over the last two years.
But exporting for the first time can be a tricky operation, particularly for firms with little experience of selling overseas, or indeed for small and sometimes very successful local business looking to expand horizons into new markets.
So, what are the key challenges for businesses exporting for the first time? What are those key barriers to entry?
>See also: Exporting: Liam Fox to announce financial support package for SMEs
5 things to remember when exporting for the first time
#1 – Identifying

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Small business exporters shrug of threat of no-deal Brexit

by Timothy Adler • July 25, 2019 • 0 Comments

Originally written by Timothy Adler on Small Business
As Prime Minister Boris Johnson assembles his “war Cabinet” to confront Brussels with the threat of a no-deal Brexit, small business exporters have shrugged off the risk of Britain crashing out of the EU.
The majority of UK SMEs that export internationally are more worried about President Trump’s “America First” trade policies and the risk of a global economic slowdown than Britain exiting the EU without a deal.
In addition, the majority of SME businesses say Brexit uncertainty has had “no effect” on their company’s international strategy, according to a survey.
In fact, 47pc of SMEs surveyed by OFX, are looking to start or increase sales to Western Europe in the next year.
Overall, British businesses are still keen to engage in global trade, with almost half (48pc) having increased sales by an average of £45,000 in the last year. Meanwhile, 44pc expect to start or increase international sales within the next 12 months.
However, President Trump’s protectionist trade policies – which include the threat of new tariffs on billions of dollars’ worth of European goods — have spooked SMEs. Western Europe has overtaken the US as businesses’ favourite export market.
Sarah Webb, president UK and Europe at OFX,

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Carney: UK would automatically be hit by export tariffs after no-deal Brexit

by Anna Jordan • June 21, 2019 • 0 Comments

Originally written by Anna Jordan on Small Business
The Bank of England’s governor, Mark Carney, says that the UK would automatically be hit by tariffs on exports to the EU in a no-deal Brexit.
Earlier this week, however, Boris Johnson said that tariffs wouldn’t necessarily have to be paid if the UK left the EU without a deal. The Tory leadership candidate added that the UK could count on article 24 of the general agreement of tariffs and trade (Gatt).
Some have claimed that the Gatt, a treaty under the World Trade Organization (WTO), would allow a standstill where tariffs are avoided, even without a deal. Others say this can’t happen without an agreement from both sides.
Talking to the BBC, Carney said: “Gatt 24 applies if you have an agreement, not if you’ve decided not to have an agreement or have been unable to come to an agreement.
“Not having an agreement with the EU means that there are tariffs automatically because the Europeans have to apply the same rules to us as they apply to everyone else. If they were to decide not to put in place tariffs they also have to lower their tariffs with the United States, with the rest of

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Exporting: Liam Fox to announce financial support package for SMEs

by Anna Jordan • June 5, 2019 • 0 Comments

Originally written by Anna Jordan on Small Business
Liam Fox MP will be announcing a financial support package for SMEs today (5th June).
The Secretary of State for International Trade is speaking at an event celebrating 100 years of UK Export Finance’s (UKEF) backing for international trade.
It’s the first time such an extensive financing package has been made available to small businesses who export to fast-growing emerging markets from the UK.
What will be in the package?
The new financial support package will include:

The Small Deal Initiative – to back exporters undertaking smaller contracts that underpin British trade
Extending financial support to firms in exporters’ supply chains as well as exporters themselves
The General Export Facility – covers general costs for exporters, rather than just costs related to a specific export deal

The Small Deals Initiative will see UKEF guaranteeing the loans of potential overseas buyers of British goods to make UK bids more competitive.
The General Facility also allows UKEF to support exporters’ overall working capital requirements, as opposed to needing support to be linked to the needs of a specific export.
This flexible approach will give smaller business greater access to bonds and working capital.
British businesses play an important role in global supply chain. The latest data

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Four ways to navigate currency fluctuations and avoid unnecessary fees

by Anna Jordan • October 31, 2018 • 0 Comments

International trade is a lucrative opportunity for companies of all sizes looking to grow their businesses and profit margins. UK exports of goods and services rose to a record £621 billion so far this year, according to Secretary of State for International Trade, Liam Fox. He suggests UK businesses are well placed to thrive in
The post Four ways to navigate currency fluctuations and avoid unnecessary fees appeared first on Small Business.

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Exporting: why no business is too small to send goods overseas

by Anna Jordan • July 17, 2018 • 0 Comments

Historically, exporting was perceived as the reserve for big businesses. Those producing goods en-masse were more desirable for innovation (Dyson) or prestige (Land Rover). And it’s not hard to see why, when you consider the amount of goods being shipped, not to mention the cost and logistics involved. Sending goods overseas gives the impression of
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