Latest News from Davies Archytas Accountants Redditch
Stay up to date with accountancy news, events and key insights from within the financial & accounting industry from Davies Archytas, Redditch based Accountants.
Please check out our Facebook news feed below for all our latest accountancy news updates.
What is the threshold for the consignment value on goods being imported?
➡️ Threshold for customs duty liability are goods in consignments not exceeding £135.00 in value, exclusive of VAT.
➡️ For imports of goods from outside the UK in consignments not exceeding £135, VAT is moving from being collected from the point of importation to the point of sale.
➡️ It is important to bear in mind that the £135 threshold applies to the value of the consignment, not to each individual item within the consignment.
www.davies-archytas.com
We, along with HMRC are urging you to file your Self Assessment Tax Return as soon as possible before the deadline on 31 January 2021.
It can be more time consuming than you think, talk to us, as we can support you.
Contact our professional, friendly team: info@davies-archytas.com or www.davies-archytas.com
If you’re new to the exporting process, you’ll need to think about whether you’ll manage it yourself, or hire someone to handle it for you.
Your options include using the services of freight forwarders who will arrange clearing your goods through customs, customs agents or brokers who can act as your direct or indirect representative, or fast parcel operators who can deal with customs as part of their delivery service.
Export rules can be very complex, especially when it comes to products that have extra health and safety requirements, such as plants, food, chemicals and so on, so make sure you’re clear on the specific rules that apply to the goods you’re trading, and how they’ve changed post-Brexit.
To find out about current trade agreements with the country you’re exporting to, you can check the Government’s list of export rules by country.
Here is a good place to start: www.gov.uk/transition
or
Contact us on info@davies-archytas.com
In order to move goods between the UK and other countries, businesses need an economic operator registration and identification (EORI) number.
Before the UK’s exit from the EU, it was possible to trade with the EU without one – but now, traders will need to ensure they have an EORI number that starts with ‘GB’ to do so.
for Northern Ireland you have to apply separately.
You can apply for one on the Government’s website, but be aware it could take up to five working days for you to receive it.
www.gov.uk/eori
www.gov.uk
Apply to get an EORI number to move goods between Great Britain, Northern Ireland or the Isle of Man, and other countries.HMRC say around 55% of Self Assessment customers have already filed their return, but they are urging others to do so as soon as possible before the deadline on 31 January 2021.
It can be more time consuming than you think, talk to us, as we can support you with your #taxreturn.
info@davies-archytas.com
First, you’ll need to plan where you’ll be exporting your goods or services to, looking at where demand lies and the process you’ll need to go through to sell there.
Exporters’ priorities may already be shifting as a result of Brexit, with ONS statistics showing that exports of goods to non-EU countries grew by 13.7% between 2018 and 2019, while exports of goods to EU countries decreased slightly, by 1.3%.
According to research from the Federation of Small Businesses, the US is the most important individual country for UK SMEs to trade with over the next three years, with 46% of small exporters choosing it as a priority.
However, this was followed by Germany (38%) and France (36%), and the EU is expected to remain the most important trading bloc for UK SMEs.
The UK also signed a new free-trade agreement with Japan in October 2020, which is expected to boost UK-Japan trade by £15 billion, with potential opportunities for UK companies in technology, energy, life sciences and more.
The Government’s aim is to secure free-trade agreements with countries covering 80% of UK trade by 2022.
For more information sign up to our Newsletter here: mailchi.mp/1ec39f00691e/davies-archytas-accountants-monthly-newsletter-sign-up
or
Contact info@davies-archytas.com
The UK left the EU on 1st January 2021, and for British exporters, that presents both opportunity and uncertainty.
There’s potential for businesses to branch out to new markets outside of the EU, but that comes with a new set of rules and procedures to navigate now that the transition period has come to an end.
While most businesses are still recovering from the impacts of COVID-19, a recent UK Finance survey found that 42% of SMEs are now focusing their plans on the future, rather than the immediate impact of the pandemic, and 19% feel there are opportunities out there for 2021 and beyond.
Follow our future posts to gain an understanding of the steps you need to take to prepare your business for the international market place.
What is the threshold for the consignment value on goods being imported?
• Threshold for customs duty liability are goods in consignments not exceeding £135.00 in value, exclusive of VAT.
• For imports of goods from outside the UK in consignments not exceeding £135, VAT is moving from being collected from the point of importation to the point of sale.
• It is important to bear in mind that the £135 threshold applies to the value of the consignment, not to each individual item within the consignment.
If you have more questions regarding the new rules, please contact us for support on info@davies-archytas.com or simply call - 01562 362070
After a very difficult 2020, we hope more than anything 2021 is a very happy and prosperous New Year for you all!
#NewYear2021 #HappyNewYear
Timeline PhotosOur January Newsletter is coming soon! Start the New Year as you mean to go on. Never miss important changes to the latest UK financial developments by signing up to our email newsletter.
Read informative articles on personal and business accounts good practice, tips and current Covid-19 support.
Simply click here to sign up: mailchi.mp/1ec39f00691e/davies-archytas-accountants-monthly-newsletter-sign-up
Our January Newsletter is coming soon! Start the New Year as you mean to go on. Never miss important changes to the latest UK financial developments by signing up to our email newsletter.
Read informative articles on personal and business accounts good practice, tips and current Covid-19 support.
Simply click here to sign up: mailchi.mp/1ec39f00691e/davies-archytas-accountants-monthly-newsletter-sign-up
Timeline PhotosI hope everyone is able to relax and enjoy some time off with their families for #Christmas!
Thanks for all your support all year through, from all of us at Davies Archytas!
#Christmas2020 #HappyChristmas
I hope everyone is able to relax and enjoy some time off with their families for #Christmas!
Thanks for all your support all year through, from all of us at Davies Archytas!
#Christmas2020 #HappyChristmas
Timeline PhotosNew Year, new networking for your business? Why not come & see what #Business over B'fast (BoB) #networking is all about.
Come along as a visitor & see for yourself this New Year, to book click here: www.bobclubs.com/Club/Bromsgrove
Mtg: Thurs 7th Jan
#Networking #networkinggroup
We’ve asked our clients what their top #accounting tips for other #SMEs would be.
“If you’re not already working with an accountant, then you should be. It might add a small cost to your business but an accountant can help you minimise your tax liability, help you avoid any potential HMRC fines and provide advice when you need it most. Chances are, any challenges you’re currently facing, they’ll have seen with other clients they work with.”
We’ve asked our clients what their top #accounting tips for other #SMEs would be.
“The end of business partnerships can mean the end of friendships and family relations. Have a conversation when the times are good as to how you would handle one or both of you leaving one day.”
We’ve spoken to our clients from around the country and asked them what their top #accounting tips would be for other #SMEs.
“There are so many accounting software add-ons out there, that you need to make sure you choose the one which is right for you and it works how you want it to. Don’t get too many add-ons but do get the ones that can provide benefit and insight into your accounts.”
The team here at Davies Archytas will be taking a break over the Christmas period.
Our festive office hours will be as follows:
From Thursday 24th December - closed for Christmas break.
We will re-open as normal on Monday 4th January 2021.
The team are here all this week, so there is still time to get in touch for any advice or business support that you need.
Please call us on 01527 362 070 or
Email us: info@davies-archytas.com
#BusinessSupport #Accountants #Outsource #Tax
We’ve spoken to our clients from around the country and asked them what their top #accounting tips would be for other #SMEs.
"I would ensure you have a good online #accounting software which will help you easily reconcile [with the] bank and also give you an accurate picture of your accounts on a daily basis.”