The environment for UK business presents both challenges and opportunities for small businesses. Recent, new and unforeseen developments, such as escalating global trade tensions and new domestic regulations, have introduced uncertainties to small businesses and have significantly affected how confident small businesses can be, when planning for both the short and long term. The on and off again Trump tariffs create further uncertainties and make it difficult to respond appropriately. Additionally, should Trump commit to his tariffs the next time round, they do not only affect how competitive your products or services will be in the USA. They also affect how other countries choose to sell to the UK. For example, if a country that has received high Trump tariffs, needs a market they can access with their surplus material, the UK may become a market they choose to sell in, which may affect the price of your materials, or services. These factors will significantly affect how sole traders, and small companies source their materials, and which markets they choose to operate in, or expand into.
Additionally, in the UK the government direction of moving small business tax reporting towards a ‘Making Tax Digital’ model, will no doubt mean that businesses that did very little digitally, will need to become digitised. It will also significantly affect how small businesses, and in particular sole traders approach their tax reporting, and whether this level of administration can stay within their own administrative structures. However, several emerging trends offer new avenues for growth and innovation.
Join today to read more…