The hazards involved in economic forecasting have been highlighted in dramatic fashion over the past year. While reviewing the equivalent piece I wrote this time last year, two statements stand out, that remind me once again of the futility of economic forecasting.
Firstly, in relation to the international outlook, I expressed a view that a hard Brexit would be avoided, and that the US/Chinese trade spat that had dominated 2019, would ease ahead of the US presidential election. I concluded based on these assumptions that ‘despite all of these uncertainties, mainly related to global geo-politics, it is more likely that global growth will be stable or slightly stronger over the coming year’.
With many companies faced with ecommerce as their only option to trade, it is important to be aware of the legal responsibilities when selling online. If you are running a business which trades over the Internet, it is important that you have terms and conditions which comply with the requirements as set out in the Consumer Information Regulations and the Ecommerce Regulations, in addition to any obligations you have under The Sale of Goods and Supply of Services Act 1980.
Some points that you may overlook when developing your business online is that a website makes you globally accessible. Restrict your delivery services to areas that permits the sale of your goods as transactions are subject to local laws.
The other aspect that needs to be considered is General Data Protection Regulation (GDPR). This is a minefield to work through but at a basic level, you need to have permission to collect and hold the information and identifying details of your website users and clients. It should not be a deterrent to utilising online selling
Last November, we explored some of the options available to company proprietors when deciding the future of their businesses, with a particular focus on liquidation. In this issue, we are now going to touch on some considerations regarding the going concern of a business and when business owners need to take a pragmatic view of how their business is performing. Not every business is going to be a success but the best business people find this out fast and understand it is not a reflection on them – instead of being emotionally attached, they take a clinical overview and move on to new business avenues and prove their success that way.
The Stay and Spend Tax Credit is a new tax credit available for the years 2020 and 2021. You can claim the Stay and Spend credit for qualifying expenditure incurred between 1 October 2020 and 30 April 2021. This includes expenditure on either: