UK SMEs Call for Simplified Tax System to Boost Exports
30 4월 2015 - 10:00PM
Business Wire
China, India offer greatest export market
opportunitiesSMEs increase their prices to combat rising cost of
doing businessOver a quarter of SME revenue comes from exports
Western Union Business Solutions, a division of The Western
Union Company (NYSE: WU), today announced the latest research-based
findings of the Western Union Business Solutions International
Trade Monitor (ITM), the quarterly economic confidence survey of
more than 1,000 UK small and medium-sized enterprises (SMEs)
engaged in international trade.
The survey asked SMEs which government policy they would change
in order to make them more successful. The top three are:
- A simplified tax system (87%)
- Greater tax relief for exporters
(81%)
- Greater access to credit/finance
(68%)
Interestingly, only 5% of respondents said legislation on late
payments would make a difference to their businesses.
Confidence in the UK’s economic climate remains high at 84%,
which can be attributed to improving macroeconomic conditions in
the last 12 to 18 months. Nearly 90 percent of SMEs believe the
improvement in the domestic economy is sustainable, and feel it is
encouraging to see that over half of business owners (59%) plan to
increase investment in their company in the near future, a 10%
increase from the same period last year.
Despite deflation, nearly half (47%) of SMEs have seen rising
costs in their businesses. To combat this, 22% said they will
increase the prices they charge in the next 6 to 12 months, an
increase from 18% nine months ago in Q3 of 2014.
Export markets all eyes on China
UK SMEs are also more confident about international trade
conditions, with 91% of respondents feeling confident during the
first quarter of 2015, compared to 87% the previous quarter. This
is reflected in the fact that now over a quarter (26%) of SME
business revenue comes from exports, a 10% rise from the previous
quarter.
A fifth of UK SMEs (21%) now export to China, an increase from
15% the previous quarter. Exports to Europe remain consistent, with
78% of SMEs exporting to the Continent in the last 12 months. The
research shows that sluggish Eurozone growth has led to more UK
SMEs turning their gaze toward the Chinese and Indian markets. Over
a third (34%) of UK SMEs said China has the greatest export market
potential in the future, an increase from 25% six months ago.
British SMEs also are increasingly regarding India as a growing
export market, possibly in line with the country’s economic
advances1; 10% of SMEs believe India is the country with the
biggest export opportunity, more than double the proportion from Q3
2014 (4%).
Optimism remains in the UK’s ability to sell overseas, with 45%
of SMEs believing that the proportion of export earnings to overall
revenue will increase in the next 12 months. This is a signal that
export assistance from the UKTI as well as the Bank of England’s
investment in micro-financing initiatives is being felt by business
owners and exporters across the country.
Commenting on the results, Tony Crivelli, UK Managing
Director of Western Union Business Solutions, said:
“Despite inflation falling to zero in February, we cannot ignore
the fact that Britain’s businesses are still faced with rising
costs. Whilst previous surveys showed that SMEs were reluctant to
pass on these costs to customers, the mood is beginning to change;
one in five plan to increase their prices in an attempt to protect
profit margins.
“SMEs are seeking new customers in the growth markets of China
and India. Both of these markets represent two of the largest
growing middle classes across the globe. Expanding into these
markets is not without risk; SMEs would be wise to implement robust
risk management strategies in order to manage exchange-rate
volatility when sending or receiving international payments to
remain competitive in the global market.”
Top SME concerns:
SMEs continued to be worried about economic basics, but there is
a distinct “creep” in concerns about regulation and political
influence in the lead up to the general election and uncertainty
and the UK’s position in the EU. Top SME concerns are:
- 64% - Overall health of the economy.
Despite topping the list, this figure continues to fall; in the
same quarter in 2014 the figure stood at 72%.
- 60% - Cash flow. SME worries have risen
steadily over the last 12 months, rising from 50% in Q1 2014.
- 60% - Cheaper competitors.
- 56% - Currency volatility.
- 53% - International regulation and
compliance – breaking through the 50% mark for the first time.
- 41% - Political influence, up from 32%
in the previous quarter.
About Western Union Business Solutions
Western Union Business Solutions enables companies of all
sizes to send and receive international payments and manage global
cash flow, creating unique solutions tailored to suit their
individual needs. It is a business unit of The Western Union
Company (NYSE: WU), a leading nonbank provider of cross border
payments, which offers Business Solutions services in over 30
countries. Clients are supported by a network of trading offices,
strategic banking relationships and a global clearing network and
can send cross-border foreign exchange payments in more than 135
currencies.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
December 31, 2014, the Western Union, Vigo and Orlandi Valuta
branded services were offered through a combined network of over
500,000 agent locations in 200 countries and territories and over
100,000 ATMs and kiosks. In 2014, The Western Union Company
completed 255 million consumer-to-consumer transactions worldwide,
moving $85 billion of principal between consumers, and 484 million
business payments. For more information, visit
www.westernunion.com.
1 http://www.tradingeconomics.com/india/gdp-growth-annual
Redleaf PolhillSally Walton / Karl Wiseman, +44 (0)207
382 4747wubs@redleafpr.comorWestern UnionDan Diaz, +1
720-332-5564daniel.diaz@WesternUnion.com
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