Large businesses are notoriously bad at paying the invoices of smaller ones. However, one option to speed up cash flow is invoice factoring. However, there are pitfalls as well as benefits.
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There’s never a time when a business shouldn’t seek value for money, but when economic conditions are uncertain and consumer confidence is low, it’s more important than ever. Many SMEs are finding sources of working capital difficult to access and need to search for innovative ways of managing their cash flow.
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All business owners want their business to turn a profit. However, they also want to be sure that the accounts accurately reflect not only the income; but the expenses too. Claiming the correct expenses, will mean that your profits are accurate and therefore, your tax bill is no more than you are legally obliged to pay. Knowing what to and what-not-to claim can be tricky though.
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Tax is taxing. You may feel especially so if you’re a small business. HMRC have been seen to be cuddling up with the big players such as Goldman Sachs and Vodafone and all the while smaller businesses in recent years have come under the spotlight subjected to spot checks on paperwork with hefty fines attached.
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