Exporting can boost your turnover and reduce your dependence on UK-based customers. But moving into selling overseas is a big step – it’s important you consider whether your business is ready for the challenge.As well as identifying promising export markets, you’ll need to plan how to cope with issues such as extra legal complications, organising transport and making sure you get paid.
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.
By law, an expense is allowable as a deduction only if it is incurred ‘wholly and exclusively’ for business purposes. It doesn’t have to be billed separately nor does the part of your home have to be set aside permanently for business. For example, you can claim for allowable expenses for a room used as your office during work hours, but it must not be used for other purposes during that time.