Newsletter #152 - Thousands of businesses asking HMRC for more time to pay tax bills, Make it harder for customers to walk away, Give your business a financial health check, Guide to successful risk assessment and credit control, How to deal with stress

In this week's Business121:

1. Thousands of businesses asking HMRC for more time to pay tax bills
2. Make it harder for customers to walk away
3. Give your business a financial health check this year-end
4. Guide to successful risk assessment and credit management
5. How to deal with stress in your business
6. Good customer service essential when choosing a broadband supplier

Small Business News

7. Number of business failures set to surge in 2009
8. "Hidden Economy" - HMRC faces big challenge catching tax dodgers
9. A good spouse can be priceless when it comes to business success
10. Lobby group says banks are exaggerating lending risk to small companies

Thousands of businesses asking HMRC for more time to pay tax bills

HM Revenue & Customs (HMRC) has revealed that more than 11,000 businesses have already asked for more time to pay their tax bills.

Under the 'Business Payment Support Service' scheme - which was revealed in the recent Pre-Budget Report - businesses affected by the current economic climate can ask for more time to pay money owed to HMRC.

HMRC said over 4,700 of the requests for extra time to pay had been agreed at the time of the request, with a further 1,900 cases being referred to debt specialists for further consideration.

If you're worried about being able to meet tax, National Insurance, VAT or other payments owed to HMRC, you can call HMRC's Business Payment Support Service on 0845 302 1435. Lines are open Monday to Friday 8am to 8pm, Saturday and Sunday 8am – 4pm.

HMRC claim that, in most cases, they will be able to give you a decision in about 10 minutes. So if you're struggling to pay a tax bill it's well worth calling the Business Payment Support Service and asking for more time to pay.

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Make it harder for customers to walk away
The easiest money your business can get is from existing clients. Someone who has a relationship with you is much more likely to spend money with you again. Here are seven ways you can make it harder for existing customers to walk away from your business.

Give your business a financial health check this year-end
Here's a handy business tip for each of the twelve days of Christmas to help you get your businesses fit for the New Year and beyond.

Guide to successful risk assessment and credit management
In the current economic climate, risk assessment and effective credit management for all businesses is paramount. Bad debts rarely occur without warning, so if you are pragmatic in your approach and assess your risk at every step, you can minimise the threat of insolvency.

How to deal with stress in your business
It is vital that you identify levels of stress that you and your team are exposed to and take steps to control it. Not only is this essential for a healthy business, but you have a legal duty to ensure staff aren't made ill by their work. Here is our guide to dealing with stress in a small business.

Good customer service essential when choosing a business broadband supplier
The level of customer service and support are very important considerations to bear in mind when you're choosing a broadband supplier. Here are some top tips to help select the right one for your business.

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SMALL BUSINESS NEWS

Number of business failures set to surge in 2009
The number of UK business failures is predicted to increase by almost 50% next year according to a report from a leading accountancy and business advisory firm.

"Hidden Economy" - HMRC faces big challenge catching tax dodgers
A new report published yesterday by the House of Commons Public Accounts Committee reveals the big challenge ahead for HMRC in tackling the hidden economy and non payment of tax by individuals or businesses.

A good spouse can be priceless when it comes to business success
New research suggests that having a supportive spouse can make all the difference when it comes to business success or failure.

Lobby group says banks are exaggerating lending risk to small companies
The Forum of Private Business says that the UK business banking sector should be put under more pressure based upon what its own industry figures reveal.

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

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