The UK is the place to do business…
A Birmingham accountant has gone on the offensive with a “back Britain” message to overseas businesses looking for a European location.
Andrew Jones, a partner at the Birmingham office of Haines Watts and one of the firm’s key representatives on Geneva Group International – a leading international organisation of independent law, accounting and audit consulting firms – said that Britain is one of the best places from which to do business with significant benefits over many other European and worldwide competitors.
“It is easy to forget, when you are based in Britain, how good Britain is for business. Of course, all businesses will have their gripes but the fact is that the UK is one of the most attractive places from which to do business in the world,” said Andrew – who has recently written a thought-leadership paper for GGI promoting the UK.
“Britain’s a trading nation with a strong track record of manufacturing, distribution and service industries – one of the leading trading nations in the world – and to investors Britain offers many attractive incentives.”
According to The World Bank, the UK is in the top five of all European countries in which to establish a business and has an international ranking inside the top twenty. A wealth of government support, both structural and strategic, is readily available ensuring that any uncertainties or queries are resolved. This minimises risk and maximises reward for a start-up business.
The number of businesses in the UK has increased on average by around 3% each year since the year 2000. 1.5 million more businesses are now operating in 2013 as opposed to the year 2000.
“Neither am I being party political when I say we have a government that is genuinely supporting businesses. For instance, the annual investment allowance in relation to claiming capital allowances has been increased until 31st December 2015 – meaning that the first £500,000 that a business invests in capital will be 100% deductible from taxable profits. Corporation Tax has been reduced to 21% – with the main rate to 20% from April next year. This means that the UK will have the lowest rate in the G8 group of nations.
“SMEs can now claim for research and development relief which is standing at 225% – so for every £1,000 spent, a company can claim a deduction of £2,250 against its taxable profits.
“A further initiative, Patent Box is allowing companies with qualifying patents to pay a reduced corporation tax of 10% on taxable profits derived from specific uses of that patent,” said Mr Jones.
“As a firm advising SMES we are in increasing numbers of discussions with potential investors – and once introduced to our country, few of them invest elsewhere.”
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