Breaking: UK Business News That Will Affect Your Bottom Line
As a business owner, it’s essential to stay on top of any news that may impact your bottom line. With recent developments in the UK, it’s crucial to understand the effects they may have on your business.
Brexit has been a hot topic in the UK since the referendum in 2016, and it’s still impacting businesses today. With the UK finally leaving the EU in January 2021, businesses across the country have been bracing themselves for the changes that Brexit will bring to trade and regulations.
One of the most significant changes is the introduction of new customs and border requirements. Businesses exporting goods to the EU must now navigate these new procedures, which can cause delays and extra costs. It’s important to be aware of these changes so that you can prepare accordingly and avoid any disruptions to your operations.
Another Brexit-related development is the UK’s new immigration system. The introduction of the points-based system means that businesses relying on migrant labor may face more challenges in recruiting overseas workers. This may lead to a shortage of skilled workers in some industries, so it’s crucial to have a plan in place for recruitment and training.
Aside from Brexit, the COVID-19 pandemic has also impacted businesses across the country. The UK government has introduced several measures to support businesses during this time, including grants, loans, and furlough schemes.
However, there have been recent changes to the furlough scheme that businesses need to be aware of. From July 2021, the government will only cover 70% of employees’ wages, with businesses having to contribute the remaining 10%. This will increase to 60% and 20%, respectively, from August 2021, so it’s essential to plan your finances accordingly.
Finally, businesses in the UK must also be aware of changes in the tax system. The UK government has recently introduced a new system for making tax digital, which requires businesses with a taxable turnover over £85,000 to use digital accounting software to keep records and file VAT returns. This change will help businesses to manage their finances more efficiently, but it’s crucial to stay up-to-date with the latest developments.
In conclusion, staying on top of UK business news is essential for any business owner. With changes in trade and regulations due to Brexit, the impact of the COVID-19 pandemic, furlough scheme changes, and new tax requirements, businesses need to keep a close eye on developments. By staying informed and taking action, businesses can navigate these changes and ensure they are well-positioned for the future.
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