Topics: Business Finance
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.
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.
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.
Obtaining funding for a healthcare business can be tricky, particularly if you don't have substantial assets. Whether you want to buy out a partner, expand your premises, purchase equipment, or cover an unexpected bill, there are lending instruments that could work for you. Let's look at some of the available solutions.
If you're looking for funding for your Healthcare business, having a thorough understanding of the various financing options on the market will help you find an appropriate solution. Let's take a closer look at some of funding methods you could use.