Medium-sized businesses have been the driving force behind the UK's overseas turnover in the last five years, an analysis has revealed.
Medium-sized businesses – those with revenue of £10 million to £300 million, AIM-listed and private-equity owned – have increased international turnover by 50 per cent since 2011, from £84 billion to £127 billion.
Meanwhile FTSE 350 and small firms have seen overseas turnover fall by 14 per cent (£425 billion to £366 billion) and 25 per cent (£13.9 billion to £10.4 billion) respectively.
A spokesperson for the report comments: “The success of these businesses should not be taken for granted. It is crucial the Government factors the needs of these mid-sized businesses ahead of [Brexit] negotiations.”
Beavis Morgan – specialist advisers to UK’s SMEs
Ahead of Brexit, it is more important than ever that business owners look at ways of improving profitability, working capital and cashflow, enabling their businesses to be more agile and flexible to respond positively to the changing economic landscape.
At Beavis Morgan, we work with SMEs across a wide range of business sectors, helping them with strategic planning, system implementation, business turnaround and improving business performance for the future. Our diverse team of tax professionals are also committed to ensuring that your tax reporting obligations are fully satisfied and that every opportunity to lawfully exploit tax savings is made known to you, restructuring your affairs in a tax effective and efficient way.