It is, if you will excuse the unintentional play on words, something of an understatement to say that the Autumn Statement had significant impact for SME businesses across the UK. A snap survey indicates that, overall, the sense coming from the sector is that the impact is satisfactory in respect of expectations.
Of the many positives which the SME sector has drawn from the Autumn Statement, from our perspective as forward thinking accountants serving Greater London, proposed changes to corporation tax and export financing are significant to the work we do.
One of the most welcome points in the Autumn Statement was a confirmation of the commitment to reducing corporation tax from 20% to 17%. There were some concerns that a new Chancellor being in place might lead to a review of this policy decision. These concerns have now been comprehensively addressed, and we are ready to assist our clients with the adjustments in their accounting and tax return obligations under the new system.
The renewed focus on driving exports is likely to have the biggest positive impact on businesses operations – and bring about changes to their accounting requirements. Exporting goods and services is a key identified means of making sure our economy grows in a sustainable way. In order to ensure that as few barriers as possible exist in terms of operating in the global space the export finance capacity available has effectively been doubled.
The above will serve to open up the export market for considerably more SME businesses than is presently the case. In order to succeed each business will require the expert accounting skills needed to plan and report on cross border commerce. This is exactly what we provide.
It can be said that these two points highlight how the Autumn Statement has, in many respects, created a circumstance for success for SME businesses in the UK. In order to be in the most advantageous position possible from this, they need to have the very best accounting practices available to them. Over the years our accountants have proudly provided the most supportive services possible to clients all across Greater London. We look forward to assisting you with our expert skills.