Monthly Archives: October 2019

Hot Business News Today

Cashplus plans to lend £400m to small business from next year

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Originally written by Timothy Adler on Small Business
EXCLUSIVE: Cashplus, one of Britain’s longest-established digital challenger banks, plans to lend £400m to small businesses over five years.
The fintech plans to have a 10pc market share of all new UK business accounts by 2024, compared with the 7pc share it already has today.
Cashplus applied to become a full-blown bank last year and expects to be authorized in Q1 2020 with the aim of becoming the specialist bank for small business. It already has around 75,000 business accounts.
>See also: Co-operative Bank to revolutionise small business banking offer
Unusually for a challenger bank, Cashplus has been in profit for the past eight years. In 2018-19 it generated £46.5m in turnover – a year-on-year increase of 19pc.
Should its banking licence be approved, Cashplus will fund its SME lending through the £500m of deposits it has built up since its launch in 2005.
Rich Wagner, chief executive of Cashplus, said: “The day we become a bank we will be able to unlock £400m of money and be able to lend that out to overlooked SMEs, which will almost supercharge our growth.”
Today, Cashplus has 250,00 customers, of which nearly one third are startups and entrepreneurs.
Since launch, Cashplus has expanded

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Hot Business News Today

Why businesses should rethink their accounting software for Making Tax Digital

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Originally written by Ben Lobel on Small Business
Now that Making Tax Digital is here, you should be moving your accounting software to an online or cloud platform if you haven’t done so already.
Going from the consultation documentation available, HMRC has no plans to provide their own free software. This forces the majority of businesses to obtain a software which will be suitable for business use.
So, which accounting software should you go for?
It largely depends on the type of business you run. Each business has to decide based on their personal circumstances. For SMEs specifically there are a number of different cloud software systems currently out there which are capable of recording transactions online. Here are some to consider:
Xero
Xero has several plans which businesses can choose from depending on their needs. The prices below are only available for a limited time and will increase after three months.
Starter: £5 + VAT per month. This package is suitable for small businesses or contractors as it only allows you to send up to five invoices and reconcile up to 20 bank transactions per month. This price will increase to £10 after the first three months.
Standard: £12 + VAT per month. It doesn’t restrict you

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