Medium size business in the UK

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International Taxation: Global automatic exchange of information coming into forceWhat’s happening in the UK?
The latest reports show that whilst medium sized business in the UK are doing well and they are a big contributor to the local economy as well as supplying jobs within the UK, they are being held back by the UK tax system which hinders them in terms of their growth and cash flow. This in turn takes up more of their time and makes it harder to compete on an international level. They are unfortunately by definition in the middle as the smaller companies may benefit from some government support schemes, and the big companies can afford to pay clever accountants to minimize their obligations, the poor medium sized business has neither.
Help or hinder
Instead of the UK government helping medium companies to be able to grow and even expand into the larger market, they are treated just the same as the larger companies, but unlike the larger companies they simply cannot afford the luxury of a team of accountants to arrange their bookkeeping. Now there are calls for the UK government to do more to assist and help to develop such companies.
UK business on an international level
As the UK climbs its way out of the last few gloomy years of recession, it is important to make sure they can keep up with the rest of Europe and the wider international world of business. The only way to do that is to support the medium size companies, this help could come in different forms such as incentives, tax breaks and flexibility with submission.
UK business help themselves
If the UK does not produce something to assist the medium size business, they will find themselves losing their best hope of recovery. Many medium sized companies are already helping themselves with diversifying, and in some cases moving their head office to more favorable location regarding tax obligations.
The options
Cyprus is amongst the more popular destinations as it is still within Europe and much of its infrastructure including legal and accounting are based on the UK systems, they even drive on the same side of the road, so it is not that big of a leap. There are of course many other reasons such as the language, almost everybody speaks English and it is defiantly the first language spoken in business, the tax at just 12.5% is the lowest in Europe and let’s not forget to mention the weather.
If you’re looking for an answer
Eltoma Corporate Services has over ten years of experience of incorporating companies in Cyprus in more than 20 jurisdictions so if you’re looking for some advice and should you need assistance we are here to help, contact us today to get a free quote and see how much you can save.