Financial advice for owners and managers of small and medium sized business SMEs in the UK All your tax, borrowing and administration advice
Real Time Information was introduced over two months ago, but it seems that many small businesses are still struggling to comply with the new legislation. Regardless of how you feel about RTI, it is here to stay and you must ensure your business is compliant.
It is believed that George Osborne may start the process of selling off the Government’s stake in Lloyds Banking Group. The stake is worth about £17bn at current market prices, although it is not clear that all the shares would be sold at once.
The proportion of claims for late payment that include compensation has risen only marginally over the last two years, despite the late payment issues small and medium sized firms are reported to be facing, according to debt recovery law firm Lovetts.
Since the credit crunch in 2008, the role and objectivity of auditors in annual accounts has been frequently questioned.
A number of small to medium businesses are due to be compensated after being mis sold complex financial products. Scores of small firms were targeted by the banks, including pubs, restaurants and vets.
Having cash allows a business to operate. So managing your cash resources and making sure you have enough to meet your needs, e.g. paying wages, buying supplies, meeting your personal financial requirements, is absolutely critical. In this context cash includes credit balances at the bank and unused loan and overdraft facilities.
The recession in the construction sector is old news. Work is difficult to secure and harder to make pay for many SMEs, because of the underlying fragility of the economy. Unfortunately, the present economic climate has exacerbated long- standing difficulties for contractors.
The economy is in the delicate, early stages of a recovery and small businesses and entrepreneurs are crucial in making that recovery a reality. While entrepreneurial spirit will be critical to stimulating future economic growth, it’s often sound financial management that underpins their ultimate success.
The taxman is to tax bonuses paid on funds with the financial services industry warning that it sets a precedent for supermarket and credit card cashback schemes to be targeted next.
Taking a case to court can be extremely costly. Some cases can stretch out for months and even years- that means there are a lot of fees to pay.
Actor Ray Winstone’s comments on radio about being “raped” by high taxes and seeing no returns on this money highlights two very different sides of the economic story. Carl Hasty, Director of Smart Currency Business discusses
Most of the time companies are likely to be making money, but if your customers are paying you late then it could have a negative effect on your cash flow.
Carl Elsby of Elsby & Co has some top tips to help business owners reduce their tax liability – legitimately.
Many businesses are still unaware of the changes in the audit thresholds of annual end accounts that allow more companies to qualify for audit exemption. With the end of the quarter fast approaching, and with it many fiscal year ends, now is the time to check that you are not paying for unnecessary audit services.
HMRC has announced that Britons concealing money in the Isle of Man have three years to own up and get their affairs in order.
