A survey conducted by the Institute of Directors (IoD) has found that 42% of UK businesses that trade internationally expect to see an increase in their exports over the coming year.

The survey also revealed that 47% of businesses are still finding Brexit challenging, and just 33% envisage opportunities materialising as a result of Brexit.

Additionally, 28% of firms reported that supply chain disruption has had a negative impact on their business, and 12% have an exportable product but are not currently exporting.

Commenting on the findings, Emma Rowland, Policy Adviser for Trade at the IoD, said:

‘There is no doubt that smaller businesses in particular are finding the current international trading environment challenging. Importers and exporters feel especially constricted by the UK’s new trading relationship with the EU.

‘It is therefore encouraging that, in spite of these barriers, businesses are anticipating an increase in exports over the coming months. There are opportunities that give traders reason to be optimistic.’

Internet link: IoD website

HMRC has reminded taxpayers that they are now less than 100 days until the deadline for self assessment online return submission.

Self assessment taxpayers have until 31 January 2023 to submit their online return for the 2021/22 tax year.

According to HMRC, more than 66,000 taxpayers beat the clock and filed their tax return on 6 April – the first day of the new tax year.

HMRC is now encouraging others to complete their return as soon as they can so they know what they owe and can budget to make the payment by 31 January 2023. This also means that if a repayment is due, it can be claimed back sooner.

Last year, more than 95% of taxpayers filed online and those who submit their returns early still have until 31 January 2023 to pay.

Speaking on 24 October, Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

‘With 100 days to go until the online deadline, there’s still time to complete your tax return, to budget and look into the range of payment options if you need to.’

Internet link: HMRC press release

The British Business Bank (BBB) was supporting £12.2 billion of lending to over 96,000 businesses at the end of March 2022, according to its annual report.

As part of its role in reducing regional imbalances the BBB was deploying £900 million of finance and supporting almost 83,000 businesses outside London at the end of March 2022.

In addition, its Regional Angels programme made six new commitments totalling £45 million, to help reduce regional imbalances in access to seed and early-stage equity finance for smaller businesses across the UK.

And its Start Up Loans programme was allocated a further three years of funding, which will deliver around 11,000 loans.

Catherine Lewis La Torre, CEO, British Business Bank, said:

‘We have increased our impact and market reach to smaller businesses across the UK’s regions and nations and designed innovative programmes while at the same time generating an attractive return on capital employed.

Despite this success over the last financial year, we are aware that areas of economic and geopolitical uncertainty remain. The serious headwinds that the economy is encountering make a national economic development bank an invaluable strategic asset, and we are ready and prepared to play whatever role is required to support UK smaller businesses.’

Internet link: British Business Bank website

Action Fraud has warned that criminals are using the ongoing cost-of-living crisis to target the public with energy rebate scams.

Action Fraud revealed that more than 1,500 reports have been filed with the National Fraud Intelligence Bureau (NFIB) regarding scam emails purporting to be from energy regulator Ofgem, offering customers energy rebates.

In order to protect themselves from scams, Action Fraud has advised individuals to contact an organisation directly if they have doubts about an email; refrain from using numbers or addresses in the message and instead use the details on the company’s official website; and forward suspicious communications to report@phishing.gov.uk.

A spokesperson for Ofgem said:

‘Protecting consumers is our top priority and it is alarming that vulnerable customers are being preyed upon in this way when people are already struggling so much.

‘That’s why, as energy regulator, on top of issuing our own warnings and advice, we have asked all energy suppliers to ensure clear and up to date information on scams is easily accessible on their websites.’

HMRC is reminding businesses that they will no longer be able to use their existing Value Added Tax (VAT) online account to submit VAT returns from 1 November.

By law, all VAT-registered businesses must now sign up to Making Tax Digital (MTD) and use compatible software to keep their VAT records and file their returns.

According to HMRC, more than 1.8 million businesses are already using the MTD for VAT service. Over 19 million returns have been successfully submitted through MTD-compatible software so far, the tax authority adds.

From November, businesses who file their VAT returns on a quarterly and monthly basis will no longer be able to submit them using their existing VAT online account, unless HMRC has agreed they are exempt from MTD.

If businesses do not file their VAT returns through MTD-compatible software, they may have to pay a penalty. Even if a business currently keeps digital records, they must check their software is MTD compatible and sign up for MTD before filing their next return.

Richard Fuller, Economic Secretary to the Treasury, said:

‘MTD can help businesses get their tax right first time, which cuts the administration burden and frees up time for them to get on with what matters most to them – growing their business.’