Trading across international borders can bring multiple benefits to your business.
International trade also adds extra layers of complexity, differing tax systems and currency exchange rates. Our Tunbridge Wells team has a long track record of acting for individuals and businesses that trade internationally, and can also draw on a wide network of professional connections with other financial advisors, tax consultants, legal experts and banks operating in overseas jurisdictions.
What are the benefits of international trade?
You may be currently trading overseas, or you may be considering it. Here are some potential benefits to bear in mind:
- Increased productivity. According to the ONS, businesses that operate internationally are up to 70% more productive than those that do not. The most productive companies export and import the most.
- Less competition. There may be less competition in foreign markets.
- Business growth. Moving into new markets opens the door to new customers and opportunities and allows you to grow globally.
- Spreading risk. Your business is not dependent on a single market or economy, increasing stability.
- Currency exchange benefits. Your business may be able to benefit from currency fluctuations.
- Export financing opportunities. For example, the UK Export Finance fund.
- A more attractive business. By trading internationally, your business becomes more attractive to other businesses and potential employees.
How can BSR Bespoke help my business manage its international trade?
Our expert accountants can help you in the following areas of international trade:
- establishing a UK trading base
- export and import funding
- foreign exchange
- intellectual property protection
- VAT on cross-border transactions
- interaction of UK and foreign taxes
- International Financial Reporting Standards
- auditing UK subsidiaries of foreign companies
- payroll and pension arrangements
- taxation of non-UK residents and non-UK domiciliaries
- Importing and exporting of goods to and from the UK
- Being the importer on record.