Form submitted!
Thank you for getting in touch. A member from our friendly team will aim to get back to you shortly.
All the best,
The SK Accountants team
Thank you for getting in touch. A member from our friendly team will aim to get back to you shortly.
All the best,
The SK Accountants team
Thank you for getting in touch. A member from our friendly team will aim to get back to you shortly.
All the best,
The SK Accountants team
Thank you for getting in touch. A member from our friendly team will aim to get back to you shortly.
All the best,
The SK Accountants team
Small businesses, or SMEs, are the lifeblood of the country and their financial stability is a major factor in keeping the economy moving.
The Prime Minister and the Chancellor have both been trying to hammer home the need for growth as they have attempted to lay out their strategy for business in the UK.
Growth usually covers two areas – the size of the workforce and growth in the productivity of that workforce.
Get the invoicing right
There are a number of factors which can affect growth, like labour shortages, lack of investment in technology and more recently, soaring energy costs and interest rate rises.
But for many SMEs their push for growth can be hit late by payments which can potentially put them at risk. The Federation of Small Businesses has already called on the Government to take action.
Because SMEs tend to be positioned towards the end of the supply chain, they suffer disproportionately from late payments.
Some sensible tips could help speed up payments:
Be friendly if possible and call the customer about a week before your payment is due to make sure they have everything they need and your money will come through on time.
If you are still not getting paid:
Legal action is always a final option, but involves a lot of time and effort, which can affect the running of your business.
Need help with related matters? Contact our team today.
Small business confidence dips ahead of new customs controls coming into force
Four in 10 exporters have reported a fall in international sales since the end of the Brexit transition period, a major study has revealed. According to the tracker, four in 10 – around 41 per cent of traders – have reported a “drop off” in international sales in the three months to September 2021.
Business
HMRC asks sole traders to correctly report SEISS grants or “repay in full”
Sole traders who have not correctly reported their Self Employment Income Support Scheme (SEISS) grants may be forced to repay them in full, it has been warned.
Compliance
Small businesses call for Government support to tackle climate change
According to new research, many are addressing energy usage, increasing recycling and investing in microgeneration, but only a third of those have a formal plan to tackle climate change within their business.
Economy
Almost 800,000 tax scams reported to HMRC in past 12 months, figures reveal
Nearly 800,000 tax-related scams were reported to HM Revenue & Customs (HMRC) in the past 12 months, a major study has revealed. According to the report, HMRC responded to 797,010 referrals of suspicious contact from the public in the last year. Around 358,000 of these involved scams where taxpayers were offered bogus tax rebates.
Tax Planning