14/02/2012 by Geoff.

It’s well publicised that Banks seem to struggle to help SME’s with funding.One new way of getting funding is online. Sites like crowd-cube.com try to bring investors and businesses with a funding need together – its funds in exchange for equity. If you don’t like the idea of giving away part of your business then fundingcircle.com offers the more traditional loan option.  Both sources seem to be using the principle of getting lots of people to put up small amounts to amass a sizeable sum.Another advantage is a loan from a bank may take several months to set up whilst loans from fundingcircle.com can take an average of 10 days to set up.

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14/02/2012 by Geoff.

We’ve reported before that HMRC are cracking down on poor record keeping in SME’s. They have the right to levy fines up to £3,000 for businesses with serious record keeping failures. Mileage records can be an area of fault – just how do you prove an employee was in a particular place? Unfortunately it’s your responsibility to prove expenses are valid. There’s is no hard and fast rule to make your inspection go well but your chances will be improved if you keep the following records in order:

·         Records of sales and takings

·         Records of all purchases and expenses

·         Accounting records

·         Business records

·         PAYE records

·         Vat records

Good luck!

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