Small Business Matters

Small business news round-up (12/2/12)

We search out key small business news stories and articles each week so you don’t have to, leaving you more time to spend on running your business.

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Powers to tackle PAYE dodgers come into force

HMRC will soon be able to require employers to pay a security where there is serious risk that they won’t pay their PAYE tax deductions or NICs.

The powers will come into force from April and are an extension of an initiative that has already been successfully used for VAT, insurance premium tax and environmental taxes. 

Find out more.

Taxman to target builders and home delivery tax cheats

Home-improvement tradespeople such as roofers, bricklayers and carpenters, and people who make money from hand-delivered home catalogues are to be targeted by the taxman in the latest campaigns against tax evasion.

Managing late payments

 Late payments are a significant problem for small businesses in the UK. The issue is particularly problematic in industries such as construction, where smaller sub-contractors often find that larger companies pay them late in order to keep cash in their own business for longer.

It’s important to monitor and keep on top of late payments as businesses have been known to suffer or even go under because of the problem. Businesses need to take steps to prevent late payments where possible and take the appropriate action when they occur. 

Here are some steps you can take to minimise the problem of late payments.

Construction businesses: How to save time

As you work towards securing new business for your company, you need a clear view of your finances.

 With QuickBooks, you could have all your financial information in one place. That's why Steve Orlando of Fridgetek Limited says he has more time. He said:"It frees us up to focus more on new quotations, sales and marketing." 

As specifications change during a job, you can also keep control of costs, materials, expenses and suppliers. Steve adds: "The sales report and open invoice report really help us track late payers," so you easily get a quick and accurate view of your financial health. 

QuickBooks reporting can also help to organise your own auditing procedures. For example, Fridgetek Limited "use QuickBooks to audit or quarantine suppliers who don't meet ISO 9001 requirements."

See Steve’s full story in this video: