With numerous calls from our clients, asking how and what support is out there for their business, I thought I would offer a round up blog, to ensure you are all aware of the support that is currently available.
Support for businesses through deferring of VAT and Income Tax Payments
Whilst waiting for the Coronavirus Business Interruption Loan Scheme criteria and loan application to be issued this week, you need to plan in your cash flow forecasting.
We will provide any further updates as soon as we have them.
The Government will support UK businesses by deferring VAT payments for 3 x months. The period being 20th March 2020 until 30th June 2020.
If you are self-employed, Income Tax payments due in July 2020 under the Self- Assessment system will be deferred to January 2021.
Here’s our first piece of advice on what to do
whilst waiting for more information about the Government’s Relief Scheme
- Communicate with your Creditors and Debtors about payment terms.
- Ensure you have access to accurate and organised financial information
about your business to make informed decisions.
- Lenders will want to see forecasts for your business and know that you
are in control of the areas you can control.
Most businesses are keen to grow as part of their natural development. Expansion requires investment in new assets, new staff or premises. To raise capital for this, most business owners will consider a secured business loan as an option. Secured business loans tend to be larger cash sums, used to finance high-value equipment or multi-tiered expansion strategies. They are also an option for businesses needing lower sums that find it hard to get an unsecured loan. This may be due to having a lower credit rating, a short trading history, or insufficient capital and assets in the business to offset the lending risk.
Business finance is sometimes a necessity for many small to medium enterprises and is no easy task in today’s climate - simply doing an online search will produce a plethora of financial products, services options and instruments.
The reasons for finance can vary from company to company and selecting the right product depends on the company objective. Whether the need is for business expansion or to improve cash flow, every business should be aware of the range of finance options available - keeping in mind whether they are looking at a short-, medium- or long-term objective. Many lenders offer business finance, so it can be daunting to research every provider. Knowing the facts – and working through an independent broker - can save you making a potentially costly mistake.
Growing a business requires a reliable cash flow and often an injection of capital. The health of a company’s finances depends on customers paying their invoices on time. Even with standard business terms in place, some customers are slow to settle their accounts. This can limit any business expansion plans. There is a way to harness the working capital trapped in unpaid invoices. Known as invoice finance, there are two main mechanisms for freeing up your company’s cash flow.
At Business Finance Solutions (UK) Ltd, we're experts at sourcing secure, reliable, and affordable financial backing for small businesses that might go unfunded by mainstream lenders and investors.
As independent financial brokers working with the whole market of lenders, we arrange affordable credit sources for a wide range of clients, providing clear and impartial advice on the best option for each case. One particular area of our work involves advising clients on how best to obtain personal finance for small-scale business and stakeholder acquisitions.
If you're planning to expand your vehicle rental business, you're probably already working hard to build good relationships with customers and suppliers. However, if you aren't strengthening your relationships with finance providers too, you could be missing a trick. Let's take a look at why forming strong links with the right lenders can help you achieve your business goals.
The challenges faced when securing finance to help you to expand your vehicle rental firm often make it feel like finding a suitable provider is an impossible task. However, sometimes you need to cast your net wide and consider alternative companies and financial products.
If you want your finance application to succeed, you need to ensure that your potential lenders understand that you're reliable and capable of making all of your repayments on time. But how do you prove to someone who may never have met you that your company isn't high risk? Here are four steps that you can take to engender trust.