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There's no doubt that Brexit has changed the business landscape in the UK and EU, and presented additional challenges for some companies. If you're looking to form a new company, you may be wondering what the best ways are to tackle this new environment. If business post-Brexit is a concern for you, there are real benefits to be found in registering your company in Northern Ireland. There are also some major advantages of company registration in the North of Ireland after Brexit.
If you're looking at registering a business in Northern Ireland, your options will usually be to open either a private company or a limited liability partnership. Whichever one is the right choice for you, registering your business in the north of Ireland gives you the opportunity to claim a wider range of business expenses against tax than you might expect. These include business-related travel costs, accountancy fees, and essential computer equipment needed to run your business. It's possible that you can also take advantage of HMRC's flat rate scheme for VAT if your company is formed in Northern Ireland, and this could save you a large sum of money each year.
Registering your business in Northern Ireland also protects your name and brand – no other company can be registered in Northern Ireland under the same name as yours. Another significant benefit of setting up your company in Northern Ireland is that the company is liable for its own debts. This gives you the reassurance that your personal finances are protected no matter what happens.
Of course, there are other valuable benefits of a company formation in Northern Ireland after Brexit. The UK's exit from the EU has naturally caused concerns about the future of trade with the EU. However, whilst tariffs and restrictions are now in place for most of the UK, this is not the case with goods crossing the border between Northern Ireland and the Republic of Ireland. This effectively gives businesses in Northern Ireland access to the entire EU market, which could be a serious advantage for your company. This is perhaps the biggest benefit of forming your company in Northern Ireland rather than another location.