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September 2016

Making Tax Digital – An Overview for SMEs

As a business owner you may be aware that the HMRC (Her Majesty’s Revenue and Customs) is planning to digitise the UK’s tax system which will change the relationship between businesses and HMRC.  The 2015 Budget saw the government set out a vision for a transformed tax system and the Making Tax Digital (MTD) Roadmap was launched in December 2015, outlining what the tax system should look like by the year 2020.  The government has published six consultation documents, each of which focuses on specific customer groups or elements of the reforms:

Collecting Payments Owed for International Traders

If you run your own business, chances are that you already have a website for your business.  This might be a website that allows you to sell online or you might just be using the website as a means of reaching a wider customer-base in order to let them know about your products or services.  If you’re not already selling your products or services online, it’s worth considering making the move to do just that.  Having a website means that your business is visible to a global audience and the next logical step would be to allow prospective customers to place an online order.

How to Get the Best from your Bank – Top Tips for SMEs (Part Two)

Last week we took a look at ways in which SMEs can get the best from their banks when it comes to managing cash flow and wider financial affairs. This is an important issue for small to medium businesses here in the UK, especially in the current economic climate when we’re facing uncertain times financially due to the surprise Brexit vote returned by the electorate in the June EU Referendum. Today we’re taking things a little further with some advice on how to get the best out of your bank if you’ve received bank finance.

Five Top Tips on Reducing Overheads for SMEs

If you’re a small business owner here in the UK you’ll be aware that the shock Brexit vote returned by the electorate on the EU Referendum has changed the commercial landscape and some economists are full of doom and gloom, predicting a downturn in the economy that will see many companies going out of business. We’ve stressed in the past how important maintaining a steady cash flow is, especially for SMEs which make up the bulk of businesses here in Britain.

How to Get the Best from your Bank – Top Tips for SMEs (Part One)

Since the economic downturn of 2008 and the resulting recession, banks have become much more cautious in lending funds to businesses, particularly smaller businesses here in the UK.   The government has also weighed in with much more stringent regulations when it comes to the amount of capital banks are required to retain in order to withstand economic shocks and these new rules mean that smaller businesses are finding it difficult to obtain bank loans when they need them.

Five Top Questions to Help SMEs Make the Most of your Accountant

In the wake of the EU Referendum many businesses here in the UK are looking forward to new opportunities in the future.  Companies still have business plans that may have been affected by the Brexit vote and many business owners will be wondering what this will mean for the future of their business.  The best person to give you advice on this will be your accountant and we’ve put together a list of five top questions that any business owner should be posing to their accountants as they face the future and all the changes it may bring.

Bankruptcy Petitions Explained for SMEs

We’ve already stressed several times just how vital a healthy cash flow is for small to medium enterprises here in the UK – maintaining a steady cash flow can mean the difference between staying in business or folding for smaller companies which don’t have access to large sums of capital as larger corporations.  Going out of business as a result of debtors who neglect to pay is something to be avoided if at all possible.  When chasing a debt from a customer or client, the strongest action you can threaten is to apply to bankrupt the person or company owing the debt.

Simple Steps to Keep your Business Safe from Fraud

Here at Access Credit Management we strive to provide our readers with useful advice and information that will benefit their business. Here in the UK a massive 99% of businesses are in the SME category so we really are a nation of business owners. As any business owner will know, launching and managing your own business, whatever sector you’re in, involves dedication and hard work and keeping your business afloat in these times of economic uncertainty can prove to be challenging to say the least.