The Asset Based Finance Association (ABFA) says UK businesses now face an average wait of 61 days; just a 2 per cent increase from 60 days last year, putting into perspective the problems facing construction in regard to late payment. But the organisation points out that the construction sector has a particularly long supply chain which includes many small and medium-sized
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Tag Archive for Accounts & tax
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Digital tax remains confusing for large portion of small businesses
by Ben Lobel • • 0 Comments
UK freelancers and micro-businesses still need more information about the government’s plans for digital tax, according to new research by accounting software provider FreeAgent. The study shows that 86 per cent of respondents who know what Making Tax Digital is do not feel at this stage that they had been provided with enough information about the
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Managers risk signing off on non-compliant expenses
by Ben Lobel • • 0 Comments
Some 70 per cent of business owners conduct expenses reports out of office hours, in their own personal time, according to research by Concur. There is a 50/50 split between employees who feel too embarrassed to claim for smaller expenses, such as bus fares or newspapers and those who see nothing wrong with claiming for the
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How one business owner was hit hard by a tax inspection
by Ben Lobel • • 0 Comments
It can be a daunting experience to receive a letter from HMRC proposing a tax inspection; you may be in for an emotional rollercoaster ride. If you are a small company that keeps good records and declares everything, you should survive, but mistakes aren’t tolerated. You have to make sure you take care when completing your returns and ensure that they are
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Get clued up on your tax relief and save money
by Ben Lobel • • 0 Comments
Tax relief can be very useful for small business owners, helping you get money off things you may use every day in the course of running your business. One useful tax relief business owners can claim is Annual Investment Allowance (AIA). With this, owners can deduct the full value of an item, such as a
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How to stop late payers causing a cashflow crisis
by Ben Lobel • • 0 Comments
Late payment is the most common reason for a cash flow crisis in businesses. If a number of customers, or even one big customer, fall behind there can be a far-reaching, destructive domino effect right down the supply chain. The detrimental effects can also impair growth and spark redundancies. Cash flow problems are the number one cause of business
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How online bookkeeping helps save time and money
by Ben Lobel • • 0 Comments
Managing your accounts is often the last thing small business owners want to have to contend with.
When you are starting up, you want to be focusing on developing your business; whether that be through marketing, developing products, or finding customers.
Dealing with the numbers isn’t the most glamorous of roles, but online bookkeeping can be a helpful option.
Many small business owners take on the accounts task themselves. Some hire an accountant to to the books for them.
It takes time to get the accounts right, particularly if you are not a numbers person, but if done correctly your business will be in a great position.
It is imperative to do your bookkeeping accurately, otherwise you won’t be able to ascertain any useful information about your business, and also your accountant’s bill will be much higher because of the extra effort they have to spend to unjumble the mess.
Some business owners may think they have a great way of collating your finances, but are you sure you categorise all of your expenses properly?
Is your system more outdated and confusing than it needs to be? And, even if you use a dedicated piece of software for your bookkeeping, perhaps you’ve been inputting your invoices and