2018 will see big changes for small and medium sized businesses in the UK. Whether you’re looking to start up a business in 2018 or you’re looking to grow, here’s what you need to know.
Invest In Tech & Security
The countdown to MTD is on. That’s right, April 2018 is the start of our 12 month countdown to MTD. If you don’t know what MTD is, then read our MTD blog here.
Small businesses who have a turnover of more than £85,000 will be required to make changes to the way they record and pay VAT by April 2019, and further ensure updates to HMRC and tax payments are made online by 2020.
Why is this a big change in 2017? Simply because you need to prepare, taking on a new online system will take a bit of getting used to, so we’re advising clients to make the move sooner rather than later. You’ll be surprised by how fast the year goes by! Research the options online or speak to your accountant and decide on the best software solution for your business in 2017.
Also, new EU regulations mean it’s likely you’ll have to make a few changes to the way you hold personal data. Don’t be fooled into thinking this doesn’t apply to you – check!
We’ve written a great blog on this too, you can find it here. This one’s going to be here before you know it, so make plans to come back to work in Jan and get GDPR-compliant compliant by May 2018 or face heavy penalties.
The bottom line, it’s going to affect your business, and you’ll need to increase your business’ budget for tech and security. Speak to your accountant at the start of the year and make sure that you’ve planned for both of these important changes.
Thinking Disruptively
‘Disruptor’ has been a major business buzz-word for the last few years – everyone wants to be a disruptor. The message is, take something complex and defeat it from a completely different angle.
If your business is currently not working in a disruptive way, it’s worth thinking about how your industry/workplace/processes/services/product could become disruptive. If you can be the ones to lead the way, fantastic, and if not you need to protect your business by adapting quickly.
Here’s a great article for those looking to disrupt 2018.
Marketing Gets Personal
One-to-one marketing will really start to take-off in 2018. For the last few years marketers have been dabbling in personalised marketing, helped by advances in technology.
It’s been a few years now since that the shirt we looked at on John Lewis’ website started following us around the internet in ad form – but that’s just the start. Think personalised video, ads that use your name and show you what you’re interested in, products that fit your shopping habits in your regular emails from retailers – not just what’s on offer, and spookily – shops that you’ve been into showing you ads for the items you lingered by while out shopping!
But personalised marketing isn’t only for the retail giants, new technology and AI is becoming more common in B2B marketing strategies too. You can harness the data collected from your websites, your newsletter and your social pages to put together your very own personalised marketing strategy. Here’s a little more reading on the topic.
Brace For Brexit
Brexit – like it or loathe it – is here to stay. There may be some big business implications for small to medium enterprises, it’s hard to say what at this time.
Already we’re noticing a skills gap in London, thanks to EU nationals opting to leave – while this may drive demand for contractors in the capital, it may also mean that SMEs struggle to bring in the right talent.
If your SME is in the import/export business, you may see the most disruption.
The UK and the EU are scheduled to finalise the negotiations by October 2018, but it’s widely expected that the details will not be ironed out. So 2018 may see a lot of moving and shaking as a result.
If you’re looking to start out in business in 2018, give our team a call for a free no-obligation consultation. Our highly experienced team of directors have a wealth of experience with new / growing businesses and are always happy to help your new business get off on the right foot.
Book your call by emailing us on this link, or call us on Stockport: 0161 477 6789 / London: 020 3174 1436.
© 2019 Warr & Co Chartered Accountants. Warr & Co Chartered Accountants is a member of The Institute of Chartered Accountants in England & Wales (ICAEW). Whilst the information detailed here is updated regularly to ensure it remains factually correct, it does not in any way constitute specific advice and no responsibility shall be accepted for any actions taken directly as a consequence of reading it. If you would like to discuss any of the points raised and / or engage our services in providing advice specific to your personal circumstances, please feel free to contact any one of the partners on 0161 477 6789 or contact us via our website forms. Warr & Co Chartered Accountants are registered to carry our audit work in the UK, our audit registration number is C002961684, for more information please visit www.auditregister.org.uk.