Late payment kills businesses, it’s a fact. Latest research shows that British SMEs are having to wait an average of 41 days longer than their original agreed payment terms before invoices are paid. (source: BACS) Prime minister David Cameron said: “It’s not right that suppliers are not getting paid...
Do you run a small business charity or non-profit organisation? If you have employees then by now you should be filing on-line payroll returns every time you pay your employees. From 6 April 2013 employers started reporting PAYE information to HM Revenue & Customs (HMRC) in real time. You...
Some entrepreneurs and small businesses may be holding themselves back by refusing to share information with their accountants who they sometimes regard as little more than “bean counters”, according to a new study. There is a tendency for UK businesses, to make decisions without adequate financial information or analysis,...
There is no doubting the resolve of HMRC to track down and prosecute tax evaders. The Government has committed to spend £917m to tackle tax evasion and raise an additional £7bn each year by 2014/15. HMRC are using 2,500 staff to tackle avoidance, evasion and fraud, there is also...
Perhaps one of the most important things an individual can do when self-employed is to keep meticulous accounts. This means not only keeping a record of income and expenditure, but also work in progress at the end of the tax year. The case of Mark Smith v HMRC ...
Let's start with a typical scenario: Mr Smith has been running a small garage for a few years he decides to incorporate his business and sets up Smiths Garage Limited with himself as the sole director and shareholder he transfers the goodwill of the business and its other...
Sherborne in Dorset is celebrating its landmark campaign success since the announcement by Tesco MD, Chris Bush, on 5th September that Tesco has withdrawn its plans to re-develop a popular hotel site in the town and replace it with an edge-of-town 28,000 sq ft superstore positioned on a 6...
Apart from Business Mileage, what can you claim and what counts as a business trip? Assuming your employer or supplier or customer aren’t reimbursing your costs…. If you’ve got to make journeys for business purposes you can deduct your travelling expenses from your taxable income – so you’ll pay...
Discuss credit terms with your new client – set the expectation Change your credit terms to be less than they are right now – research has shown that invoices are paid 2 weeks late. So better to be paid late on short credit terms than late on long...
1. Not doing any accounts – the shoe box approach to business This is the most common mistake, book keeping is best done as you go along, putting all the paperwork in a shoe box or carrier bag is a really bad idea as you have no idea how...
