Home » Small business news roundup-28th May 2021

Small business news roundup-28th May 2021

Small businesses selling into EU face £180m in extra red tape costs

For the first time small businesses that sell into the Europe will be required to register for VAT.

The new EU One-Stop-Shop rules, which will be introduced on July 1, are designed to stop an estimated €7bn in annual VAT fraud by non-EU e-commerce sellers, mainly located in China, according to Alavera.

UK e-commerce sellers will now have three options when trading into the EU:

  • Register for VAT in the country where they sell most of their goods, which the European Commission estimates will cost €8,000
  • Subcontract VAT to selling platforms such as Amazon or eBay
  • Ask your postal service to handle VAT

For the full story, click here. 

Building projects hit by lack of supplies and price rises

 The Construction Leadership Council has warned that cement, some electrical components, timber, steel and paints are all in short supply.

This is due to the high demand that is set to continue. Many people who would normally go on holiday people are opting to decorate their homes and gardens.

Another factor is climate change with warmer winters in Scandinavia affecting timber production and colder winter in Texas affecting production of chemicals, plastics and polymer prices are impacted.

For the full story, click here.

How to win £20,000 in TV advertising with Sky Media’s SME100 scheme

Sky Media’s SME100 is back, offering TV advertising worth £20,000 to small businesses across the UK.

The 100 winning businesses will also get free 12-month superfast broadband and digital phone package.

When the winners are chosen they will be put in touch with local creative agencies to design a TV campaigns.

Is my business suitable:

Your business needs to be a small business that has been running for a year in the UK and have no more than 50 full time employees.

To apply for the SME100 scheme and see the promotional terms and conditions please visit: www.adsmartfromsky.co.uk/sme100

For the full story, click here.

Global’ fair tax’ deal on a knife-edge, says UK Treasury source

A global tax deal that would impose a minimum 15% tax on the profits of major international tech companies is on a “knife edge” ahead of the G7 summit in Cornwall next month, as the UK government pushes for a deal.

The deal aims to prevent around 100 major corporations such as Google, Apple and Amazon from shifting their vast profits to tax havens such as Bermuda or the Cayman Islands or low-tax jurisdictions such as Ireland.

For the full story, click here.