Newsletter #101 - Business deposit accounts, Planning your business exit...

In this week's Business121:

1. Businesses missing out by not using a deposit account
2. Business Planning - Plan your exit strategy before you start
3. Office relocation guide - How to avoid office move pitfalls
4. A Guide to scary computer terms for technophobes
5. A Guide to Professional Indemnity Insurance

Small Business News

6. Small businesses should move money to interest bearing bank accounts
7. Still time for Chancellor to mend Capital Gains Tax damage
8. New bank cheque clearance rules will help small businesses
9. Bogus construction self-employment costing Treasury £5bn per year
10. Eldest siblings most likely to succeed as entrepreneurs

Businesses missing out by not using a deposit account

According to a new poll commissioned for Alliance & Leicester Commercial Bank, only 4 in 10 small businesses set aside sufficient funds to cover their corporation tax liabilities (see Small Business News).

Even when businesses do save correctly, around 44% keep the money in non-interest bearing current accounts, rather than placing it into a savings account and earning interest.

By not using a business deposit bank account small businesses are missing out on hundreds or even thousands of pounds of interest. Accounts can be opened quickly and easily, so if you have a significant amount of money in your business current account you really should get that deposit account opened.

To help you to choose the best business deposit account for you and your business we've written a guide on 'Choosing the best business bank deposit account'. The article outlines the various types of business deposit accounts available and highlights some of the best accounts currently available.

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To make sure you are making the most of your waste, visit http://www.wastematters.org.uk
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Business Planning - Plan your exit strategy before you start
Many people are so caught up in building their business that they don't really consider where they want it to go in the long-term. And very few people at the start, are forward thinking enough to plan the finish – their exit strategy. It's sensible to put your exit strategy in your business plan and review it annually. That way you can ensure the business is on track to achieve what you really need from it.

Office relocation guide - How to avoid office move pitfalls
When your business has grown and it's time to relocate a strategic relocation plan will result in a smooth move and other, perhaps less obvious, business benefits. Here's a guide to office relocation including how to work out your office requirements whilst avoiding unnecessary costs.

Guide to scary computer terms for technophobes
We take a look at what some of the most commonly used computer terms actually mean - terms such as hard discs, operating systems, USB, WiFi, Software and Browser.

Guide to Professional Indemnity Insurance
If you've been asked to buy or recommended to have professional indemnity, but you're still a little unclear about exactly how this insurance works to protect your business, you may appreciate this simple, easy to understand beginners guide written by leading specialist insurer Hiscox.

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SMALL BUSINESS NEWS

Small businesses should move money to interest bearing bank accounts
According to a new poll, just 4 in 10 small businesses set aside sufficient funds to cover their corporation tax liabilities. Even when businesses do save correctly, around 44% keep the money in non-interest bearing current accounts, rather than opting to transfer their corporation tax liabilities into a savings account until payment is due.

Still time for Chancellor to mend Capital Gains Tax damage
With the Chancellor under fire from all sides, he can still seize the opportunity to turn the furore over his controversial CGT reforms into a chorus of approval by boosting entrepreneurship and investment according to a leading accountant.

New bank cheque clearance rules will help small businesses
For the first time, after paying in a cheque, business owners can be sure that at the end of six working days, the money has safely cleared and they are protected from any loss if that cheque should subsequently bounce.

Bogus construction self-employment costing Treasury £5bn per year
Enormous amount of money being lost to the Treasury as a result of bogus self-employment, particularly in the construction industry.

Eldest siblings most likely to succeed as entrepreneurs
Interesting new research shows that eldest children are more likely to start up their own businesses than younger children.

** For the latest Small Business News, visit http://www.Bytestart.co.uk **

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