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Mitch Hahn
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Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
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Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
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Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
Discover why 175 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
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enquiries@nordens.co.uk
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As supply chain issues, stock shortages and energy price increases dominate news proceedings, the future of the UK trade and service industries have a looming dark cloud cast over it. Many businesses are under extreme pressure to be able to sustain their operations without losing revenue as concerns grow.
We spoke to one of our financial partners, Elliott Winner of KWM Wealth Ltd., about how Brexit has affected UK trade, the different tax implications depending on the service or business, and what can be done to tackle the skills gap reduction.
How has Brexit affected the trade and regulation of services between the UK and the EU?
If you own or run an SME that supplies services from the UK to the EU, or one that buys services from an EU company, the good news is that there has not been too much disruption to business. Unlike trading in goods, which the government’s EU Goods Sub-Committee described as “not simple” under the EU-UK Trade and Cooperation Agreement, the trade of services remain largely unaffected.
This provides an exciting growth opportunity for early-stage businesses looking to expand their customer base as the global economy emerges from the COVID-19 pandemic.
How important is the UK service industry for the rest of the EU?
The lack of attention on the post-Brexit environment for trading services is surprising, given the service sector’s fundamental importance to the UK economy. In the period January to March 2021, the service industry accounted for 80% of the country’s total economic output and 82% of its domestic employment, according to government figures.
Furthermore, the UK is the world’s second-largest exporter of services and the EU is the largest recipient, receiving the equivalent of 40% of the UK’s total services exports, according to ONS statistics. These include sectors such as digital, financial, legal and business services, highlighting the vast reliance from both the UK and the EU on these services.
What are the different types of services available and what are the tax implications associated with them?
Business to Business (B2B) services – No UK VAT chargeable for services supplied to businesses outside of the UK, including the EU.
Business to Consumer (B2C) – VAT is applied at the place of supply, which is the UK for a British business supplying B2C services into the EU. Special rules apply for services of consultants, lawyers, accountants, data processing and a small number of other sectors, which are deemed to provide services in the location of the customer and therefore do not pay UK VAT.
Digital Services – All supplies of digital services are liable for VAT in the consumer’s member state. For B2C digital services, the responsibility for accounting for VAT lies with the supplier, not the customer. Businesses selling digital services to EU consumers need to register for a ‘Mini One Stop Shop’ (MOSS) in an EU member state to ensure the correct VAT is paid.
What can the government do to tackle the reduction in skills gap for many sectors (I.e Transport, Agriculture, Farming etc.)?
The obvious strategy would be to increase salaries to attract skills from overseas, however due to the government borrowing this looks highly unlikely. Businesses need to develop skills in-house, through either training new recruits or developing existing staff with additional training. Apprenticeships are the perfect way to do just that. Apprenticeships are a proven way to do this, which is why the government have invested heavily in apprenticeship and Kickstarter schemes encouraging businesses to hire young people.
With the Area Review process, local government, authorities, employers, colleges, and other providers were brought together, helping to sustain collaborative relationships that can bring about real change in education. The process was also helpful in highlighting some of the preliminary work needed to develop a strategic approach in skills provision, such as sub-regional skills needs analysis and whether the curriculum offer meets the needs of employers.
It’s also vital to continue and support the upward trend of the public sector focussing on upskilling the existing workforce. This will in turn naturally encourage new staff to join. Employees need to buy-into upskilling and believe in the benefits it will bring to them both personally and professionally through their role within the organisation. By motivating your workforce, employee engagement has shown to increase leading to success and a transition to digital transformation which is essential in this day and age.
Will supply chain issues likely cause mass disruption for businesses and individuals? How can this be avoided?
It’s possible that Brexit may disrupt the efficiency cost effectiveness of your respective supply chain. The introduction of tariffs, customs duties and other barriers to trade could have significant implications for how manufacturers acquire materials and components, create products as well as gaining access consumer markets.
For me, there are five steps to protect against supply chain disruptions, which are:
We hope this has outlined to you how the UK trade and service industry can protect themselves against the shortfalls of supply chain issues. If you require any further information on other ways to protect your business, or anything accounting related for that matter, please don’t hesitate to get in contact with us at Nordens where one of our trusted advisors would be happy talking you through your query.
At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.
Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.
Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.
Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.
Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.
Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.
With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.
Voted as EXCELLENT - 9.9 out of 10 based on 167 reviews
Director - Metro Bank
Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.
Co-Founder - Chicmi Limited
Very good to work with - the team go above and beyond to make the accounts easy and efficient. They're all super friendly and a joy to work with.
Director - Rose Opticians
I have been using Nordens Chartered Accountants for 5 years and very happy with the service provided. All members of the team are very knowledgeable and have a wealth of experience which has proved very beneficial to my organisation
Founder & Director - Physio LDN
Very easy to contact and put me in touch with the right person whenever I need to ask any questions. Extremely knowledgeable and can help me manage my various businesses whenever I need.
Principal - Pauline Quirke Academy
Great accountants, always available to offer advice. The team have transformed my business.
Founder - Dataphone
Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.
Director - Linekers
Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!
Founder - Foundation Sports Limited
A fantastic, modern, vibrant firm that care about the clients and their staff in abundance. It is rare to find an Accountancy firm with such vibrance and focus and relationships. It is no wonder they win award after award in their field.
Managing Director - Prime Time Boilers
I have been with Nordens for many years now and they are a great accountants.
Founder - Vivid Finishes
We have used Nordens for the last 5 years and have had a great service throughout. The guys are very passionate about what they do and have played a part in the growth of our company, highly recommended.
Managing Director - AMD Interior Architecture
Great Service at Nordens from a friendly very approachable team Particularly Kirsty Willis and Joe Sword who have been helping us since we started the business in 2016.
Director - Forma London
Nordens provide a first class service. We moved to Nordens last year and have been impressed with the level of service provided. Keep up the good work!
We've always got our ears to the ground when it comes to interesting, useful and topical information relating to business and accountancy.
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In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
Mark Norden
Founder
Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!
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Nordens is a trading name of Nordens Limited, a limited company registered in England under company number 04709951. Our registered office is: The Retreat, 406 Roding Lane South, Woodford Green, Essex, IG8 8EY.
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