Bringing Your IT Contractor Business Back to the UK Post Brexit: What You Need to Know

Bringing Your IT Contractor Business Back to the UK Post Brexit: What You Need to Know

With the Unstable economic climate in the UK following the referendum that voted 51%for and 48% against Britain leaving the European Union, the future for small, medium and even large-scale businesses may no longer be business as usual

March 2019 will signal the end of the UK being part of the EU and a lot of changes are certain to occur.

These changes may be immediate or gradual depending on whether Britain is able to negotiate a deal, or if the current impasse ends at a no deal agreement with the EU. Changes to the UK legislation will most likely impact the way businesses are run, changes in immigration laws, for instance, may see them becoming stricter at the borders to other EU countries; trade across the border could also be radically affected by possible Increase in tariffs large-scale international businesses in the UK are already thinking of relocating outside to other EU countries so their businesses can thrive post Brexit

What is the impact of these changes in the economy on independent UK contractors both within and outside the Country

UK contractors based in the UK and other small to medium businesses, within the country, may not witness significant changes to their business operations. However, for UK contractors working in the EU countries, post-Brexit will have a foreseeable impact on their businesses, as the possible changes to legislation involving tax, tariff and immigration laws may make increase the cost of doing business for them. We may begin to witness an exodus of talent from the diaspora as happened in other countries like China and what this will mean is that the UK labour market will likely be affected by the post-Brexit changes.

As an IT contractor bringing your business back to the UK, what do you need to know, to thrive the post Brexit economy?

There will definitely be a need for your expertise as the change in legislation will involve the use of IT technology with a lot of companies preferring to use independent contractors rather than permanent staff while there is still uncertainty in the business climate.

However, you are still bound to be in a highly competitive market as the prime minister recently announced that the migration laws for skilled workers into the UK will not be impacted by this secession so you will need to up your game, offering only the best in services to your clients. You also need to start thinking of innovative methods to get more business as well as retain existing clients.

You need to be aware of the UK Criminal Finances Act which introduced a new clause that makes the facilitation of tax evasion by association, anywhere it is illegal, a criminal offense .what this means is that as a contractor, you and the client you work for are liable should you choose less expensive tax evasive means to beat down your prices in a bid to retain your market share whether this is done by employing services outside the UK, as long as tax evasion is illegal in that country .

You will also need to get a professional indemnity insurance to protect yourself in the event of lawsuits from your clients. This policy offers you certainty in the event that you are sued for errors mistakes and negligence on your part. In an economy such as is expected following Brexit, the relationship between customers and businesses could become fractious as people look for justification for every penny spent. This could mean lawsuits for situations that would have been ignored in the past.

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How Technology Brings Efficiency to Small Businesses

How Technology Brings Efficiency to Small Businesses

The rapid growth of the technology niche in recent times is changing the face of every business irrespective of size, organizational form and industry sector. The role of technology in relation to productivity and efficiency cannot be underrated.

According to KPMG’s 2018 Global Technology Innovation report, “the UK tech sector had another strong year in 2017 with businesses posting robust earnings and strong cash flows that led to continued investment in R&D and acquisitions.” The small business sector is also seeing a rapid growth and immense benefits from the adoption of technology in the market, as it has brought the participants to the limelight. Small businesses now have access to various customers and partners in different locations through the use of technology.

The benefits and the impacts of technology are enormous for small businesses to tap into. Some of these benefits include;

High level of Automation: Technology has reduced the long processes that revolve around operational efficiencies for businesses through cloud computing by saving, managing important information, sharing and keeping data and files for businesses which can easily be accessed through cloud computing.

Information Management: Managing inflow and outflow of messages has never been easier and more efficient than before; through the use of technology you can develop efficient processes that manage the flow of messages in your business; one of those includes email management through different applications.

Time Management: This level of advanced technology also helps you save time and work efficiently, with such technology being time tracking software. With this software you could track the progress of your business, measure the performance of each resource allocated to different projects.

Financial Management: Another important benefit of technology to your business is that it can help you manage transactions such as online invoicing services to reduce stress and cost of collecting payment from your customers, budget tracking to help you measure actual cost with expenses, overheads, taxes and so on.

Effective Marketing: To successfully target your audience, you need to be dynamic and understand who they are through effective planning and execution. You could leverage the use of technology to create a marketing plan for your business through the use of marketing tools such as Marketo and hotspot, while you could also leverage on social media platforms like Facebook, Twitter, Google+, Pinterest, YouTube, etc. to promote your business, products, and services.

Logistics: in the past one of the major problems associated with distance trading was logistics. The stress of transporting goods from seller to buyer was a chore; now delivery services are way more efficient and even the farthest locations can be reached with the added bonus of goods being track-able. Technology eliminates logistic problems allowing potential clients to purchase with you regardless of their location.

Technology also provides different avenues for you to develop your business through learning; this could be online training, holding meetings with your team through teleconference calls or attending international seminars through webinars.
These and many more are ways in which technology has changed the face of small businesses, increased efficiency, profitability and productivity and reduced expenses.

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