Business121 Small Business Newsletter #87

In this week's Business121:

1. Reclaiming unfair business bank charges
2. How does the Small Firms Loan Guarantee Scheme work?
3. Limited Company Formation - How it all works
4. Top 10 tips for choosing a business domain name
5. How to run your business from the beach!
6. Choosing a PR agency for your small business
7. Business Banking - Making the most of online tools
8. How to handle a VAT Investigation
9. Should you rent or buy your business premises?
10. Managed Service Company Guidance released

Small Business News
11. VAT Registration delays causing chaos
12. The changing face of UK entrepreneurs
13. Small business owners prefer to network face-to-face
14. Small business owners work 24 million extra weeks!

Reclaiming unfair business bank charges

In recent months the issue of claiming back unfair bank charges has been a hot topic. Tens of thousands of people have now successfully reclaimed millions of pounds in penalty charges from their bank.

But, until now, there hasn’t been much publicity given to business bank charges. It’s a shame because there is no doubt that there are thousands of businesses out there that could reclaim many unfair bank charges.

We may have grown accustomed to paying hefty penalties for going overdrawn or missing payments but the law states that the sum charged must reflect actual costs incurred and not exceed damages the bank suffered due to the breach of contract.

In many cases, businesses are charged £20 or more for exceeding a limit or bouncing a payment. If the real cost to the bank, of this breach, is only a few pounds then it’s believed that this charge is unfair.

It’s possible to claim back all unfair business back charges for the past 6 years, plus interest. To start the process of reclaiming, sit down with your bank statements for the last 6 years, tot up all those unfair charges and write a formal letter of complaint to your bank. They may cough up straight away or they might take the, ‘see you in court’ attitude.

If you think you can claim back charges but don’t want to waste your own time pursuing it, there are companies that will do it for you on a ‘no-win, no-fee basis’. One such company is Claims Financial

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How does the Small Firms Loan Guarantee Scheme work?
For small businesses that need capital to get started or grow, there is a government-backed scheme to make it easier to borrow money. The Small Firms Loan Guarantee Scheme is particularly useful for businesses that have been turned down for loans elsewhere, because they don’t have enough assets to secure the loan.

Limited Company Formation - How it all works
How to form a limited company, with an overview of the memorandum of association, articles of association, Form 10 and Form 12.

Top 10 tips for choosing a business domain name
Tips for selecting your small business domain names - what to look out for, how to protect your brand identity and other important factors to consider.

How to run your business from the beach!
Thanks to significant advances in mobile technology over the last few years, it's perfectly possible to access the tools virtually every business needs, from nearly any location. Here's how you can run your business from the beach.

Choosing a PR agency for your small business
Selecting the right public relations agency is an important decision for any business, but is particularly crucial for a small organisation with a limited budget. Here's some food for thought when it comes choosing a PR agency.

Business Banking - Making the most of online tools
Virtually every business bank account now comes with a set of handy online tools, which you can use to run your business more efficiently. So are you going online just to check your balance, or are you making the most of every tool available to you?

How to handle a VAT Investigation
One of the most stressful events that can happen to any business is a VAT investigation. It's believed that inspectors now have aggressive targets to hit, so are looking for businesses with obvious mistakes and the cash to put them right. Here's an easy guide to the things you should do to prepare your business now, and how to handle an investigation when it happens

Should you rent or buy your business premises?
Finding the right premises is one of the most crucial decisions when starting or growing your business. Here are the main points to consider while weighing up the pros and cons of renting versus buying.

Managed Service Company Guidance released
HMRC have released a guidance document on the managed service company legislation. The legislation aims to ensure that income received by individuals who provide services to an end user (via an MSC) will be treated as employment income.

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SMALL BUSINESS NEWS
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VAT Registration delays causing chaos
VAT registration delays are getting worse and are now typically taking three or four months, up from two months last year, and around two weeks a few years ago, say VAT experts.

The changing face of UK entrepreneurs
Entrepreneurism in the present day is almost unrecognisable compared to the early eighties, a new study has found.

Small business owners prefer to network face-to-face
Traditional breeding grounds for doing deals and making new business contacts like the pub, golf club or social club may be less popular with today’s entrepreneurs.

Small business owners - are you stressed out?
British entrepreneurs are clocking up over 47 hours every week, according to a survey into the work life-balance culture of Britain's small business managers. This equates to a staggering 24 million extra 'working weeks' put in collectively each year by the UK's 1.4m small businesses.

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

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