FINANCE
Brent Goodwin
How to prepare for a no deal Brexit
VAT can at times be a complex area to navigate, particularly with regard to EU import and export policy changes in today’s uncertain political climate. Leicestershire accountants Newby Castleman explains how UK businesses can ensure they have the basics of VAT and EU trading under control.
In a no deal Brexit scenario, UK businesses that are VAT registered and currently import or export goods to or from the EU would be responsible for making customs declarations for any UK-EU trade. These businesses are being urged by HMRC to take action now to ensure they are prepared in the event of a potential no deal Brexit. First and foremost, businesses
will require an Economic Operator Registration and Identification (EORI) number for customs declaration when trading goods between the UK and the EU. It is advisable to register for this number now via
www.gov.uk/hmrc/get-eori. Appointing a customs agent to
manage the declarations process is also a way for businesses to keep things as free from complications as possible. Alternatively, businesses may wish to invest in software that connects to HMRC’s customs systems, as well as register for the National Export System if necessary and ensure that at least one member of their staff is trained to make customs declarations. Brent Goodwin, VAT Manager at
Newby Castleman, said: “Regardless of potential future changes to customs declaration processes between the UK and the EU, it’s good housekeeping for businesses to prepare as best they can in the meantime. “We recommend that all VAT-
registered businesses that trade within the EU check that they have an EORI number, and register for one as soon as possible if not. Ensuring that this step is taken will make the overall process of importing and exporting goods to and from the EU more straightforward.”
74 business network June 2019
Understanding financial planning – and its value
By Andrew White (pictured), Head of Investments at Boolers
The ultimate value of a product or service isn’t solely driven by cost. Being cheap doesn’t define value; quality, for one, plays a vital role. Nobody wants a cheap watch that makes you late for appointments. The same can be said in financial planning. Yes,
there are monetary measures, like investment growth, but the profession and service delivers much more than the bare numbers would suggest. However, in 2017, The International Longevity
Centre conducted long-term research into the financial benefits of receiving advice. It compared those that did between 2001-2007 with an equivalent cross-section of people who didn’t. The two groups were then reassessed between 2012-2014, and the results speak for themselves:
• The advised group accumulated, on average, £12,363 more savings
• The advised group also had £30,882 more in pensions
• In total, advised individuals acquired £43,245 more wealth than non-advised individuals
• Nine-out-of-ten were satisfied with the advice they received
Fundamentally, the advised group were 6.7% more
likely to save and 9.7% more likely to invest in equity markets. But, as we’ve established, there are other benefits that add significant value.
CLARITY AND CONFIDENCE The first step in financial planning is to establish and understand your short and long-term goals. Once your aspirations have been defined, we can plan towards achieving them. Try to think of the bigger picture, five, ten or 20 years in the future:
1. What exactly do you want to achieve?
2. How much income do you need to support that goal or lifestyle?
3. What level of savings do you need to maintain that expenditure?
‘By engaging with a financial adviser, you do not need to worry about the future’
It’s wise to avoid making an emotive decision
regarding money, especially around times of political and economic uncertainty. Having a clear, defined plan with measurable outcomes is invaluable in building confidence.
A DEDICATED, FULL-TIME PROFESSIONAL Even if you have an understanding of markets, products and tax planning, you might not have time to manage your own finances. Frankly, you might not have the inclination. A leading firm of pension scheme advisers and
wealth managers live and breathe financial planning on a daily basis. Having a dedicated professional also means you are able to react quickly to opportunities presented and minimise the impact of potential risks, such as largely avoidable Inheritance Tax.
PEACE OF MIND You can’t really put a price on peace of mind. But, in our increasingly stressful and chaotic lifestyles, knowing your finances are being carefully managed can really help reduce the burden, especially during the current political and economic uncertainty. Reduced stress lets you live in the present moment,
enjoying what’s happening around you; family, friends and new experiences. By engaging with a financial adviser, you do not need to worry about the future. Together we can build a fulfilling life plan, offering guidance and reassurance along the way.
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