Tag Archive Money


HMRC Blunders and Mistakes

Can you afford to receive one of the now infamous mistake letters from HMRC? We are told that its all due to computer error and systems not talking to each other. Have you tried getting in touch with HMRC direct to sort out any issues with them?

A recent tv documentary highlighted the lack of knowledge in call centres and also that in fact you can wait upwards of an hour just to merely speak to someone, and when you do speak to them, can you be sure you are getting the correct information?

Once upon a time, when you rang up with a query, you were sure that they would also check all the details they hold for you and after giving your details the quick once over, might highlight to you any issues they could see, but with the lack of time they now have – this no longer happens, so mistakes just carry on happening.

So if you have concerns about your tax situation and would like help resolving it, or you have a tax return to fill in, and are now worried that you might find yourself in the letters trap sometime next year, then head over to the Tax Specialists and Tax Return Experts and make sure you are getting the correct forms filled in with the correct information.


8 Mistakes Small Business Owners make with their Bookkeeping

So proud and loud at the premier top spot has to be doing it all yourself, so then;

  • Either you or your spouse/parnter doing it all yourself with no previous knowledge, although you were good at maths, so think that this will help you do it all correctly.  Hang on though, didnt you start this business as you were good at doing something and could make some money from it? And was that bookkeeping?  Think you get my point!
  • So number two has to be buying things on your credit card or cash and forgetting to put them in the system – then sitting and trying to work out why your accounts cant be reconciled, which again is something that must be done on a regular basis so that you know what is in the business and what is not.
  • Number three – Employees – ok so they only worked for me for three weeks, I don’t need to bother with paperwork etc do I?  WRONG, keeping accurate records means keeping HMRC off your back – do it!!
  • Ok, so half way through then, number four – bank reconciliation – how many understand what this means? How many understand the importance of it?  I rest my case milord!
  • Backup sits at number five – do you keep backups of all your records? Does it cross your mind that if something was to happen, do you really want to sit at your machine for three days solid, inputting the information all over again – I mean it took you long enough last time to understand where everything went – do you think you will remember?  So backups backups and more backups!
  • Number six – yep nearly at the end now – bank accounts – do you have one for the business and one for you? No??!!! Heck, do you really want to have to provide the Revenue with explanations and copies of all the major purchases you have done personally, but show up on the account as you decided there was no harm in using your personal account – good luck!!
  • Penultimate one then has to be VAT – oopps, sorry did I swear then?? Are you on the right scheme for your business (at this point some glaze over as they aint got the foggiest that there were different schemes), do you understand what you can and cant claim for? The last one alone is a good enough reason to get someone else to do it for you.
  • Ok, so finally then, yep we made it to number eight – losing paperwork …. arrrggghhh I hear cries of, ring any bells?  Yep HMRC to be polite, request (ok more order really) that you keep all your reeipts and statements and anything basically that moves for a minimum of six years – yep, six years of boxes full of paper that can stretch to many boxes, oh and don’t go and store them where the mice live – they like tearing up pieces of paper and having babies in them – there is a simple solution to this though – did you know that the Rev will allow you to store it all electronically now?

Ok so here comes the shameless plug then – well you knew it was coming – www.ftzaccounts.co.uk are mighty fine bookkeepers or if you are merely looking to get your receipts scanned in and formatted in a pdf and excel spreadsheet, might I recommend www.shoeboxaccounting.co.uk and on that cheerful note, I will leave you to ponder on why you didnt think of these!


Bank Charges

Over the last few days there have been many cries about bank charges and how prohibitive they have now become, add this to the fact that many existing bank clients are having overdraft reduced and rates increased when renewal comes around, its no wonder bank are now being accussed of ripping off customers.

One big trend we have noticed is that banks don’t like Declining Trade, be it for overdraft extension, refinancing or even a new loan. This is one of the biggest causes of rejection of a bank application.

However, the very fact we have been in (and hopefully out of) a recession, means that many small businesses will have seen a downturn in trade, and now need finance more than ever to help them grow.

Finance though is still possible, but not with the big main lenders who are feeling the pain most, so if you need to know more get in touch and we can chat.

We can offer FREE Business Banking Facilities with a mortgage

No Upfront Fees


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Short or Long Term Finance Available

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Working Capital

Working Capital is the lifeblood of any business, be it for subsistence or expansion.

With the recession now officially being over, businesses NEED funding in order to profit from the upturn in orders and business.

However, the effect of the recession means that companies may have had cash-flow pressures over the last few years from reducing orders or increasing debts.

With a recent survey showing banks writing off over £5.6bn in 2009, banks are now being more cautious with risk and only lending to business they can be sure about. A business needing working capital, typically will not have strong books hence the reason they need to borrow the money on day one.

So where do you turn?

Come chat to us about a WORKING CAPITAL SECURED LOAN.

This loan is underwritten on a completely common sense approach, and we will seek to fully understand the deal, with the lending decision taken by a HUMAN rather than take a bland tick box approach.






The Business Plan Banks Like to Read

If you are a start up or an existing business, getting the money right is the difference between success and failure. One of the main reasons a business fails is due to poor or inadequate funding.

When you go into business, one of your aims is to grow and be a success and getting the right finance in place is all part of that. The first step then is preparing a business plan that the bank will like and get all the relevant information from. Your business plan should map out the direction you intend heading in and how you are going to make it happen.

Most plans should include a summary of your business and have a cv included in it that explains your experience in that particular field. So point one then is a summary of your qualifications and experience. Point two, competition, who they are, what they are doing and how you will fit into this market and make more money than them, or how you will be different from them. Point three is the old marketing plan, and don’t worry it’s not a dirty word, there is lots of information stored on this thing called the internet, which helps you to write a corker of one. You need to list achievable targets, pie in the sky will be seen through and the lenders will stop reading it at this point, and point four, the financials.

Ok so what in particular do they want to read about money wise. Well if you are a start up it’s a good idea to make your cashflow forecast for a minimum of three years as this shows your commitment to the business and gives them confidence that you believe in yourself. You also need to show that the loan you are seeking, can be repaid and when it can be repaid by. After all, when you lend money to people, you do so on the understanding of when and how you are getting it back. The lender will also like to know about already existing outlays finance wise, ie do you have any other loans personal or otherwise, how much for and how long is left to pay on them. It’s a mistake to think you don’t have to disclose this information, hide something from them and again lenders will switch off from your plan.

You also need to show them how the money will be used and what difference it will make to your company. And don’t forget, the lenders/banks, like to see some commitment from you. After all, if you don’t believe in your business why should they? You need to show that not only do you put time and effort in to it, but also your own money. You will score big brownie points if you can do this.

Now the bit that worries some, the disclosure of personal credit history. If you have no issues with it, brilliant, enjoy, but if you have some blots on your record, tell them before they find out. Explain to them what happened and why it happened, better this way than them feeling you are hiding something from them.

So then in summary, keep it simple, don’t go overboard on the presentation, and most importantly of all, be honest and be realistic.

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