p18 Finance:Layout 1 25/01/2010 09:23 Page 18
FINANCE
Looking for ways to
develop your business?
Learn how with free seminars
Good housekeeping
in the Knowledge Transfer suite
for the New Year
You won’t be disappointed!
Clive Lewis, head of
Sunday February 28th
enterprise at the
Institute of Chartered
Getting Started in Heat printing
Accountants in England
Introducing Corel Draw 12 & Wales (ICAEW), offers
A web site or a Web Store
a number of practical
steps that businesses
PR Workshop
can take to ensure that
they face 2010 on a
Monday March 1st
positive note.
Dont leave your online store unattended
M
any small businesses experience their highest sales during the
festive period. If your expected sales have fallen short:
The versatility of heat transfer printing 1. Try to clarify your cash flow situation as much as possible. Compile a
detailed cash flow assessment and put money aside.
Introducing Corel Draw 12
2. If you need extra finance to cover shortfalls, research the best deals in
Great ideas for adding profit to your order to secure the best finance. A bank overdraft may be the most
bottom line
effective way to bridge trading low points and you may also be able to
arrange repayment holidays for bank loans.
VAT rate increase
Tuesday March 2nd
The standard rate of VAT, which fell temporarily to 15% last year, returned to
Introducing Corel draw 12
17.5% on January 1. HMRC recognises that the change may cause problems
and has put measures in place. These include a ‘light touch’ to be operated
Getting traffic to your online store
by HMRC audit staff in dealing with errors, arising out of the rate change.
If you had an overlap of goods and/or services around December 31, the VAT
How to heat apply to difficult substrates charge can be split on a fair and reasonable basis so that 15% tax is
charged on work carried out before December 31, 2009 and 17.5% on work
Great ideas for adding profit to your carried out after.
bottom line
Don’t forget that any credit note or refund given to a customer is based on
the same rate of VAT that was charged on the original sale. The same
principle applies to VAT claimed on bad debts.
Book your places NOW at HMRC Business Payments Support Service
Introduced in the 2008 Pre-Budget Report, this scheme allows businesses
www.printwearandpromotion.co.uk and individuals with tax and VAT debts to re-schedule payment over a longer
period of time. By January 2009, just 11,000 businesses had taken up the
scheme, but by October 2009, 200,000 businesses were on board.
Can you afford
If you have taken advantage of the scheme remember that it just defers the
tax. It does not write it off so eventually it has to be paid back.
Do not just default on time to pay arrangements. Keep in touch with HMRC
on a regular basis as they are much less likely to be understanding if you
not to be there?
don’t keep them informed of what is going on.
For further information please visit www.icaew.com/enterprise
February 2010 | 18 |
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