Newsletter #139 - Cutting costs, Top tips for managing debtors, What to do when your business falls into debt, Corporate Manslaughter Act - Do small businesses understand it?

In this week's Business121:

1. Cutting unnecessary costs
2. Top tips for managing debtors and late payment
3. What to do when your business falls into debt
4. Corporate Manslaughter Act - Do small businesses understand it?
5. Self employed contractors should take notice of landmark IR35 ruling
6. IR35 - Overview of the IR35 Tax Rules

Small Business News

7. "Personal accounts" will impact small business pension schemes
8. Lobby group concerned over burden of additional business rates
9. Home Business of the Year 2008 - Winners announced
10. DIY PR for small businesses at British Library
11. Decline in new startups expected to be over by year end

Cutting unnecessary costs

When business is tough it's important to cut out any unnecessary costs that you might have picked up in better times. It's good financial discipline to regularly review your outgoings but it's imperative you do so when revenues are falling short.

It makes sense to focus your efforts on the bigger costs in your business as reducing these will have a more significant impact on your bottom line. But don't ignore the smaller costs, as quite a lot of these can be removed completely.

Bank charges are a good example. Virtually every small business in the UK pays bank charges but there are options available to eliminate these.

Most banks offer an introductory period of free banking - usually from 12 to 24 months but Abbey currently have a 'free day-to-day banking forever' current account offer for small businesses.

The account also pays 8% interest for the first year on balances up to £2,500. To find out more about their 'free day-to-day banking forever' offer call Abbey on 0800 085 3099.

************************* Advertisement *************************

WHY YOUR BUSINESS IS BETTER OFF INSURED WITH HISCOX

As a leading specialist insurer we provide the most comprehensive business insurance available online.

You can tailor your policy with industry specific professional indemnity cover (£25K up to £2M), 'all-risks' contents and computers cover, portable equipment, public liability, employers' liability, legal expenses, business interruption & buildings.

Why not get a quote now? Only Hiscox allows you to buy online in minutes and download your policy documents immediately. Click here to find out more - http://snipurl.com/_Hiscox_Insurance
*****************************************************************

Top tips for managing debtors and late payment
As late payment problems continue to blight the small business world, here are some golden rules for dealing with debtors during a downturn and ensuring that you keep on top of your cashflow management.

What do you do when your business falls into debt?
While it may be tempting to ignore business debt, it could turn out to be the worst thing you could do. There are many avenues open to you to resolve debt-related problems. So, where do you start? This guide takes you through the various options open to you.

Corporate Manslaughter Act - Do small businesses understand it?
In April 2008, the Corporate Manslaughter and Corporate Homicide Bill came into force in the UK. The Act demands maximum compliance with the company travel policy to minimise risk. This means that the travel arranger is now in the front line when it comes to knowing where those traveling on business are at any one time. Do small businesses understand the required duty of care this places upon them when making their procurement decisions?

Self employed contractors should take notice of landmark IR35 ruling
In a landmark court ruling last week, a professional contractor lost his IR35 appeal in the High Court. The judgement shows, once again, how important it is for self employed people to be aware of the IR35 rules and to take professional tax advice.

If you are a contractor and worried about IR35 take a look at these guides;

• IR35 - Overview of the IR35 Tax Rules

• IR35 - Are you employed or self-employed?
• IR35 - Employment Status - Am I caught?

IMPROVE YOUR CASHFLOW

If late payment is hurting your business cashflow, or your overdraft limit is restricting you, LLOYDS TSB COMMERCIAL FINANCE can help you.

Our factoring and invoice finance products can give you a 90% cash advance on the invoice value, which means you can instantly turn your unpaid invoices into cash.

Get an Instant Quote and find out how we can help you to quickly raise cash for your business.
*****************************************************************

SMALL BUSINESS NEWS

"Personal accounts" will impact small business pension schemes
An expert report into the Government's planned shake-up of small firms' pension schemes via the introduction of "personal accounts" suggests that many existing schemes will be forced to close as they won't meet the proposed exemption tests.

Lobby group concerned over burden of additional business rates
A leading business group has expressed its concern that small companies are not being protected from increased business rate costs.

Home Business of the Year 2008 - Winners announced
This week the 2008 Home Business of the Year has been announced, with online language tuition company Toniks picking up the gong.

DIY PR for small businesses at British Library
"Do-it-Yourself" PR might well be a solution for small firms looking to reduce costs in the current downturn but still keep their profile in the public eye.

Decline in new startups expected to be over by year end
The decline in start up business numbers is expected to ease by the end of 2008, according to Barclays estimates. The bank expects 380,000 new businesses to start up this year, compared to 430,000 in 2007.

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

===========
CLASSIFIEDS
===========

30-DAY FREE TRIAL FRANKING MACHINES
With £20 Free Postage, plus a free personalised logo so you can advertise your business on every piece of mail you post. All details here; http://snipurl.com/_Free_No_Ties_Trial

LOW-COST PHONE AND BROADBAND DEALS FOR BUSINESSES
Over 100,000 small businesses already enjoy our cheap phone calls and broadband packages. We will never be beaten on price or service, so call us now on 0845 034 8802 or click the link to find out more; http://snipurl.com/Cheap_Telecoms

ADVERTISE YOUR BUSINESS ONLINE WITH NETKLIX IN JUST 15 MINUTES
Find new customers online with the Netklix pay-per-click network. Your first ad can be ready in 15 mins. First write your advert, then apply targeting relevant to your business. It's that simple! Best of all you only pay when someone clicks on your Advert. Start advertising online with Netklix today. Visit - http://www.netklix.com/?nxtc=1028061

SEE YOUR AD HERE
Business121 is read by over 11,000 small business owners every week. Advertise in our newsletter from just £60+vat per issue. Please email Classified@Business121.co.uk for details.

(c) Business121.co.uk 2008