We’ve compiled a list of Tips to help keep sole traders and SME’s in the best possible shape during these difficult financial times.
We’d really like to know if you found them useful.
1. Ask your suppliers for discounts for early settlements. Remember they may be cash-strapped like many businesses are today, and may be more than willing to give up a few percent for a quick payment.
2. Chase your debtors regularly. Customers and clients will take advantage if you appear to be relaxed about them not paying you on time.
3. Market, market, market. They say the time to spend on marketing is when you are in a downturn. Cutting back on marketing could have a disastrous effect on your sales or income.
4. Pay your VAT and PAYE on time. These are two taxes which should not under any circumstances be paid late without prior HMRC agreement. Failure to do so can land you in serious trouble, not to mention the likelihood of interest and penalties.
5. Seek good tax advice. Your advisor can potentially and legitimately save you hundreds and even thousands of pounds of tax. Don’t be tempted to “go it alone” in regard to your tax matters – this is likely to be penny-wise but pound-foolish.