firms Archives - WRLO Accountants

Price rises most likely response to US tariffs

WRLO Accountants — Fri, 11 Apr 2025 08:36:21 +0000

Price increases are the most likely response to US tariffs by affected firms, according to a survey conducted by the British Chambers of Commerce (BCC). The survey found that 32% of firms with trade exposure to the USA say they will increase prices in response to the tariff. Alongside increasing prices, 15% said they would seek alternative suppliers, while 13% said they expected to absorb the costs. Shevaun Haviland, Director General of the BCC, said: ‘This data sets out very clearly the immediate impact of US tariffs and the extent of business concern. With retaliatory moves by other countries likely to escalate, the prospect of a global trade war is increasing, alongside a widening of the economic fallout. ‘But there is strong support for the government’s approach to continue negotiation and not immediately retaliate. We believe a deal can be done as the US has already been open to talks. But firms don’t want to have all our eggs in one basket and want to see closer trading relationships with the EU and other markets. ‘They do not consider this to be an either/or scenario and we must continue to pursue a three-pronged approach of better trade relations with the […]

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Government cracks down on late payments

WRLO Accountants — Fri, 04 Oct 2024 19:38:53 +0000

The government has announced a crackdown on late payments to small businesses and the self-employed. Late payments cost SMEs £22,000 a year on average, according to Smart Data Foundry, while the Federation of Small Businesses says it leads to 50,000 business closures a year. The government will consult on new laws that will hold larger firms to account and aim to get cash flowing back into businesses. In addition, new legislation being brought in the coming weeks will require all large businesses to include payment reporting in their annual reports – putting the onus on them to provide clarity in their annual reports about how they treat small firms. This will mean company boards and international investors will be able to see how firms are operating. Anna Leach, Chief Economist at the Institute of Directors (IoD), said: ‘For small businesses in particular, the time taken to pay an invoice matters. Companies that are paid swiftly can raise their productivity by spending more time on projects of economic value and less time chasing invoices. ‘We know from our research that there is a significant lack of awareness amongst businesses of the ability to check on the payment practices of large employers, […]

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Red tape, rising costs and regulation ‘holding back exports’

WRLO Accountants — Thu, 04 Jan 2024 13:58:17 +0000

Red tape, rising costs and increasing regulation are holding back exports, a survey of UK businesses carried out by the British Chambers of Commerce (BCC) has found. Current customs checks and declarations present ‘barriers to exporting’, according to 49% of firms polled. An additional 40% of businesses said taxes and duties are other areas of concern. Regulation, such as product certification, causes problems for 38% of small firms, the BCC found. William Bain, Head of Trade Policy at the BCC, said: ‘Our findings highlight the key priorities for business that could make a difference when it comes to UK trade negotiations and other related policy developments. ‘What they want to see are faster customs processes, removal of non-tariff regulatory barriers, tariff reductions where these could make a difference, fewer hoops to jump through and greater certainty. ‘With the UK government involved in trade negotiations with so many countries right now, including India, South Korea, Canada and Mexico, these findings are a timely reminder of the important issues.’ Internet link: BCC website

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