Form submitted!
Thank you for getting in touch. A member from our friendly team will aim to get back to you shortly.
All the best,
The SK Accountants team
Exports have still not recovered to pre-Brexit levels says survey
UK exports to the EU are still significantly below pre-Brexit levels, according to the Office for National Statistics (ONS).
There has been a recovery after a steep drop of 40 per cent in January 2021 at the end of the transition period, according to the figures.
Trade recovered to finish last year down 11 per cent, based on the figures from 2018, which are seen as the most reliable comparison, as Brexit stockpiling and the pandemic subsequently affected trade.
‘Nightmare week after week’
One business told the Guardian newspaper it was like “the same nightmare week after week”.
Mark Brearley’s company, Kaymet, has made and sold tea trolleys, trays and hotplates from its factory just off the Old Kent Road to customers including the British royal family.
But he said leaving the EU has added to costs and makes selling items abroad more difficult.
“There are loads of things I could’ve been doing if it wasn’t for these problems. We could do things that take us forward, rather than back.”
Protocol talks deadlocked
He added: “A lot more time is spent with things going wrong. The EU really feels like the hardest place in the world to ship things to sometimes.”
His comments come as the UK and EU remain deadlocked over the Northern Ireland Protocol, which covers trade between Great Britain, Northern Ireland and Ireland. The Government has announced plans to introduce a law that could override the Brexit deal
The deal was agreed with the European Union (EU) in 2019 and has been a source of tension since it came into force at the start of 2021.
Fears of trade war with EU
The Guardian newspaper reported that this has sparked business concerns of retaliation from the EU and the threat of a trade war.
This comes as the Office for Budget Responsibility, the Treasury’s economics forecaster, expects Brexit to cost the economy four per cent of GDP over 15 years.
The report adds that some sectors have suffered worse than others with exports of clothing and footwear to the EU are both down by almost 60 per cent compared with 2018.
Foodstuffs, such as meat exports, are down by almost 25 per cent and vegetables and fruit by 40 per cent, while car exports are down by more than a quarter.
For help and advice with related matters, please get in touch with our expert team today.
Business 
Small business confidence dips ahead of new customs controls coming into force
Four in 10 exporters have reported a fall in international sales since the end of the Brexit transition period, a major study has revealed. According to the tracker, four in 10 – around 41 per cent of traders – have reported a “drop off” in international sales in the three months to September 2021.
Business
Compliance
HMRC asks sole traders to correctly report SEISS grants or “repay in full”
Sole traders who have not correctly reported their Self Employment Income Support Scheme (SEISS) grants may be forced to repay them in full, it has been warned.
Compliance
Economy
Small businesses call for Government support to tackle climate change
According to new research, many are addressing energy usage, increasing recycling and investing in microgeneration, but only a third of those have a formal plan to tackle climate change within their business.
Economy
Tax Planning
Almost 800,000 tax scams reported to HMRC in past 12 months, figures reveal
Nearly 800,000 tax-related scams were reported to HM Revenue & Customs (HMRC) in the past 12 months, a major study has revealed. According to the report, HMRC responded to 797,010 referrals of suspicious contact from the public in the last year. Around 358,000 of these involved scams where taxpayers were offered bogus tax rebates.
Tax Planning
