The impact of Brexit on small businesses:

Solutions

Xero Accounting Software

Run your business and access your accounts from work, home or on the go. Invite others to view your accounts and provide valuable real-time advice. Keeping your data completely secure even if your computer is lost or stolen. These are all great benefits that the right accounting software can provide your business.

Mi Solutions have over 20 years’ experience in accounting software and have dealt with all the main providers. We will work with you to find the best possible accounting solution for your business, ensuring all your accounting needs are met. If you want to know more just click the button below!

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Xero Training

With over 20 years’ experience in software installation, software training and software maintenance we are ideally placed to help you and your staff get the most out of your chosen software solutions.

Xero is an accounting software for PC, iPad & Mac. It is currently our most popular accounting software among our clients and we offer in depth training for your staff so they can successfully manage the software after we have installed and integrated it into your system. Xero allows you to easily manage & grow your business in the cloud and with over 2 million subscribers & counting it is fast becoming a market leader in the accounting software arena.

Xero is a the core accounting software for over 800 Apps to help you with anything from bill uploads, card payment, direct debits, job managements systems etc.

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Service M8 Job Management

With ServiceM8 you can easily simplify and streamline your business operations. Take control and work smarter from the client’s first call through to scheduling, quoting, job completion, invoicing and payment.

With a wide range of features allowing you to Manage jobs & staff, Quote & invoice on site, Capture signatures, Record notes, photos & videos, Complete PDF forms, Accept credit card payments, Sync with your accounting package and more besides.

MI Solutions can help you and your staff get up and running with ServiceM8 quickly and without fuss, as well as offering training and ongoing technical support for the application and any technical issues that may arise.

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Cloud Computing Solutions

Cloud computing is the delivery of computing services – servers, storage, databases, networking, software, analytics, intelligence, and more – over the Internet (“the cloud”) to offer faster innovation, flexible resources, and economies of scale.

Once seen as the future, cloud computing is now the industry standard approach to managing data due to it's many benefits when compared to traditional on site servers and physical storage.

Mi Solutions has it's finger on the pulse and is well placed to help you bring your business up to speed and into the cloud. Click the button below to see how you can benefit from migrating to the cloud.

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Quality Service Always At Your Fingertips

Consultancy

We look at your system, listen to your requirements and recommend the best fit software for your business ensuring the system is within budget and has the features you require. All free of charge!

Software Setup

Setting up a new system can be a headache, including importing opening balances, customers, suppliers, stock, bank data and setting up reporting structure. Don’t panic we’ll help you with this!

Software Training

Moving from one system to another for staff can be stressful. We carry out one to one training with your staff to put them at ease with the new system and ensure they don't have a melt down!!

Support & Maintenance

You need help? When you get up and running, there will be issues you come across that you can't manage to handle yourself. We’re here to help.

There’s already a lot going on for small businesses in 2021 in the UK and Ireland. Many are facing huge hardships as they cope with the latest lockdown and continued restrictions.

This comes not long after the Brexit deal was agreed.

The UK now operates a full external border with the EU, including Ireland. But that does not mean Brexit is over. There are specific terms which still need to be nutted out and deadlines that businesses need to be aware of.

Here is a closer look at the key details you need to be aware of:

Upcoming dates:

March: Agreements on data sharing and financial services should be made – with a grace period of three months for certain suppliers/retailers
April: new movement of goods rules to come into force for products of animal origin
June: The EU Settlement Scheme deadline for registration is 30 June 2021.
July: New border controls come into force
July: End of the UK Border Operating Model and customs declarations will become permanent, with additional admin required
July: If a deal on data sharing is not reached by 1 July, the UK will be considered a third country for personal data transfers. This will create new legal requirements

Understanding the rules of origin and tariffs

As part of the agreement, there will be no tariffs or quotas on the movement of goods between the UK and the EU. However, goods being moved between the two must comply with ‘rules of origin.’

These documents allow customs authorities to classify where an export has come from and determine what licenses and duties are necessary to allow them to enter the country. Businesses must now provide paperwork which shows where their goods were made, including where the constituent components came from, to determine whether they are subject to tariffs. Learn more about rules of origin at gov.uk.

Know your EORI number and commodity codes

Any business trading with the EU needs an EORI number – a code starting with ‘GB’ which enables the business to import goods into England, Wales or Scotland. The government can provide your business with an EORI number in only 10 minutes.

Businesses must also provide a ‘Commodity Code’ when trading with the EU, otherwise they risk financial or criminal penalties. It is fairly straightforward to find commodity codes for any category of goods, and it should only take a few minutes.

If your business trades with Northern Ireland, your EORI number has to begin with ‘XI,’ and you need to register with the TSS Trader Support Service.

Think about your employees

EU citizens no longer have the automatic right to work in the UK. There won’t be any changes to right to work checks until 30 June 2021. Up-and-till then, you do not need to impose checks. But after then the process will change.

In the meantime, all you need to do is encourage employees to obtain settled status (which can be done here).

How qualifications are viewed is also changing. UK bodies now need to negotiate recognition agreements with their counterparts in individual EU member states. This is significant when thinking about the professional qualifications required for a job.

VAT is changing

Getting your trading information in order should only take a few minutes – but VAT is a little more complicated. Businesses now need to pay VAT at the point of sale instead of the point of importation. This affects different products differently, and businesses should use the government’s Brexit Checker to determine what this means for them.

Apply for postponed VAT accounting if you haven’t already. This enables you to defer paying so you can pay imports on your normal VAT return. We will be hosting a webinar about this on February 10. Sign up here if you are a customer.

Businesses can also apply for a Duty Deferment Account which allows them to pay import duty (and other duties) once a month instead of every time they import goods. HMRC has temporarily waived the need to pay a Customs Comprehensive Guarantee.

To keep on top of these changes, it’s worth bringing an accountant on board if you haven’t done so already. They will be the most up to date with VAT changes, and they will be able to offer specific advice based on your business’s circumstances.

Some of this information has been taken directly from Gov.uk and is subject to change. Please look out for future updates from the Government. See more on our Behind Small Business hub here.