With a fellow Kreston firm member, Sunil Goyal, BCom, FCA of Kreston SGCO, we have set out some of the key economic, fiscal and business issues facing India and the UK below. Or, if you’d like to take this review away you can download a PDF version of the article here.
The services sector of the UK economy seems to have taken a very low profile, and pragmatic approach, to the pending question of whether the UK exits the EU under a negotiated deal or crashes out with no transition arrangement under World Trade Organisation (WTO) rules.
The deadline for the UK’s ‘Brexit’ from the European Union is drawing closer. Though consensus has still not been reached, it is clear that whatever decisions are agreed, Brexit will bring challenges and be one of the top tax considerations in the coming year if you are doing business across Europe. Aside from Brexit, there are many other potential tax pitfalls that need to be considered and circumnavigated now. If you are trading with the UK, VAT and Customs Duty rules need to be given a high priority.
Our recent Going for Growth survey, a nationwide research project exploring 530 privately owned UK businesses, showed a degree of optimism about Brexit; with many businesses believing it will present opportunities. Nonetheless, we felt it would be beneficial to obtain an alternative view from an EU member state, the Netherlands, during a recent international visit with Kreston.