Being A Polish Business in UK, How to Ensure Business Growth?
According to a recent study by a company information provider, the Brexit decision has had no significant impact on business start-ups in the UK. The study shows that approximately 583,000 new start-ups have incorporated since the Brexit vote 11 months ago, which is up 6% on 2014/15, but down 2% on 2016.
Since the Brexit vote, many Poles according to the Sun newspaper have already left the UK or are planning to return to Poland. In 2004, again according to the Sun, Lodz was dramatically depopulated with large numbers of residents from there moving to the UK. Since Brexit, however, Lodz has seen businesses setting up there and the streets thriving again. However, while Polish entrepreneurs may be returning home to Poland to meet the opportunities there, this doesn’t mean to say that they don’t intend to keep hold of their business interests in the UK as well.
Ensuring Business growth in the UK (and in Poland)
Poles have formidable entrepreneurial spirit and astute business sense! They are widely respected as adept at growing successful businesses. Many Poles who have built successful UK business no doubt intend to do so in Poland as well. According to Izabella Kaminska of the Financial Times, post-Brexit, “there are opportunities for smaller players in the economy to pick up business in the wake of a contraction of influence of large corporates, the main beneficiaries of globalisation.”
A good example of the Polish entrepreneurial spirit is seen in owner of Rex-Trans, Sebastian Chudy. He saw an opportunity: the Polish diaspora in the UK was on the move back to Poland to start businesses there, and so as he confirms: “We currently have six vans going back and forth to Poland and we are booked out until August.” His transport business is well positioned to respond to opportunity, like any successful business should be.
Does it help to hire an accountant conversant with the UK and the Polish tax system?
If you run a successful UK business you will probably have already hired an expert polish speaking accountant to advise you about how to minimise taxes, maximise tax-planning opportunities, and ensure you’re compliant. This a minimum your current accountant should offer.
You might also benefit from:
· Excellent value for money and a guarantee of satisfaction;
· Free bookkeeping and accounting software;
· A dedicated, named account manager;
· Access to your accounts real-time, so that you’re in control;
· Cross border UK–Polish tax and business advice
A British-Polish Chamber of Commerce estimate is that, as of 2008, 40,000 Polish entrepreneurs had set up business in the UK. We have many Polish businesses on our books: entrepreneurs who came to us as fledgling businesses — in construction and the skilled trades (carpentry, plumbing, bricklaying etc.), retail, hospitality, IT, medicine, dentistry, etc., and are still with us, running established, highly successful businesses now. We’ve shown Polish CIS contractors the ropes to manage UK Construction Industry legislation, and we work with our Polish contractors to ensure they steer clear of IR35 and “off payroll” rules.
Whether you plan on remaining in the UK part-time, full-time, or tying up your affairs here and returning to Poland, or running businesses across borders, we can help you make the most of your business and ensure tax compliance.