Plan to be strong and flexible
Confucius said; ‘The green reed which bends in the wind is stronger than the mighty oak which breaks in a storm’. We can help your business be that green reed, which reacts quickly and flexibly to changing commercial conditions, and to new regulations.
We know the business environment will come under some pressure over the next few years. There will be challenges for businesses of all sizes if the UK does pull out of the European single market, as the free movement of goods and people between the UK and EU member states will no longer be guaranteed. Opportunities for those who export goods may expand, partly due to the weakened position of UK currency, but the nature of those external markets will certainly be different to what is currently on offer.
We are braced for another Budget later this year, in which the Chancellor will explain the new Government’s vision for the future. This will certainly herald changes to the tax system, some of which may be back-dated. For example, a number of tax laws were put on ice when the General Election was called, and some of those laws could be reintroduced. However, more radical tax changes may follow as a result of trade-offs between the parties in a minority Government. Expect turbulence ahead.
Whatever the future holds, it is likely to involve a greater use of digital systems to communicate with your customers and with HMRC. If your accounting system would be recognised by your grandfather, we should talk about how you can prepare for the forthcoming digital revolution, which is known as Making Tax Digital.