There has been a positive start to 2014 so far when it comes to exports. A recent report from the Chartered Institute of Purchasing and Supply revealed that the rate of increase in new export business in January came close to a three year record.
More small businesses are also looking to invest in and explore the global trade market, suggesting that now could be the time to start preparing for expansion. Exporting your goods or services abroad is an excellent way of increasing turnover and can be very profitable too. However, there are important elements to consider, including:
Market research
Will your products sell overseas? Are there any additional costs that you need to bear in mind? Which countries should you be looking at and what price can you sell your goods and services for?
Trading terms
How should you go about invoicing overseas? What should your terms be and what costs are you expected to bear?
Tax
Will you pay more tax? Will you have to pay duty? Are there local taxes to consider? This is an important area and can make all the difference to your profitability.
Currency
Do you need to open a currency bank account? How will your finances be affected by trading in a different currency?
These are all matters that we at Taylor Edward can help you to take care of. Whether you are looking to reduce overseas tax burdens, repatriate profits at a minimum tax cost or ensure that your accounting procedures are set up to deal with the euro and other currencies, our team of experts can help.
Please contact us to find out how we can help you to maximise the growth opportunities on offer through our international services.