Exporting tends to be more demanding financially than selling in the UK. Consignments are usually larger, lead times are longer and the risks are more difficult to control. At the same time, you may need to take into account the problems of handling payment in foreign currencies.
Exporting offers the prospect of new markets, more sales, better profits and a greater spread of customers. A clear strategy makes it much more likely you will succeed.
Your export strategy should be based on an assessment of your own position and research into promising opportunities. You will need to think about how to reach new customers and finance your exports, as well as making sure you understand legal and tax issues.
If your business is a company, you need to submit corporation tax returns and pay corporation tax on your profits.Although you are likely to use accountants to prepare your returns and calculate your tax liability, you cannot afford to ignore corporation tax until the year end. The way you finance and manage your business can have a significant impact on the final bill.