t Small businesses urged S
mall business owners across Stockton-on-Tees , Redcar and Darlington are being urged to improve their credit control as the credit crunch continues to bite. Mike Turnbull who runs TaxAssist Accountants in Stockton-on-Tees , Redcar and Darlington said: “We know this is a very sensitive issue for small businesses as customer relationships are critical, but when cashflow is being stretched to breaking point, they should seriously consider taking a firmer approach. “Many small businesses will have to rely on their overdraft to cope with late invoice payments and they may also be paying VAT on the debt – something they won’t be able to recoup for many months if the debt does eventually go bad. And many
TaxAssist now at Parker Stag Redcar
o improve their credit control
businesses are forced to stall payments to other parties because they are waiting for payments from their customers. So late payments have lots of knock-on effects. “Of course they will first need to consider their relationship with the customer and look carefully at their own credit management system, but they do have a statutory right to charge interest on late payments- even if it isn’t in their terms and conditions.”
The Government recently announced plans to “name and shame” large companies that fail to pay small businesses promptly, via the Cabinet Office website.
TaxAssist Accountants Stockton-on- Tees and Redcar are local businesses, providing tax and accountancy advice and services purely to small businesses.
• Business Accounts and Taxation. • Sole Trader Accounts • Partnership Accounts • Limited Company Accounts • Self Assessment • Bookkeeping and Vat Returns • Payroll Services • CIS Contractors and Taxation • Company Secretarial • Business Plans • Free Initial Consultations • Home Visits available
TaxAssist Accountants c/o Parker Stag 6 Craigton House Queen Street Redcar TS10 1DL
Tel: 01642 488588 Mobile 07905497905 Email:
michaelturnbull@taxassist.co.uk
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