Tips for Managing Your Cash Flow With Greater Efficiency. Managing your business’s cash flow is essential if you want your company to remain solvent.
Without cash, your business simply cannot operate efficiently, if at all. It may seem hard to fathom sometimes, but many profitable businesses have gone bankrupt due to cash flow mismanagement. It is imperative, therefore, to stay on top of your finances ensuring that there is always enough cash in your business to remain afloat. Here, we look at managing your cash flow with greater efficiency. Advanced Rent Option. Rent to Rent Doing it Right. In recent years the Rent-to-Rent model has taken hold in the private rental sector.
It is attractive to landlords as it offers them a guaranteed rental income with almost zero management time for the landlord. Rent to rent is where the owner of a property rents to an individual/corporate body and receives a guaranteed rent for a fixed period. This guaranteed rent offers certainty for the landlord and effectively lowers the barriers to entry for property investor. As attractive as this may sound, the rent-to-rent model is not risk free for the owner, it could mean the loss of control of their asset followed by huge problems. This is particularly true of you don’t do the appropriate due diligence of the person/corporate body you are renting to and if the rent-to-rent agreement if not drafted in a way that addresses all the risks associated with such a business model. Advanced Rent Option. The Advanced Rent Option (ARO), which offers landlords a year's rent up-front, including a premium full management service, is nationally available for a similar price to that charged by many agents for standard full management.
ARO is a game changer for the PRS industry, providing security and peace of mind at a time where both these commodities are in high demand and diminishing supply. ARO offers landlords the option of receiving up to a year's rent in advance, even where the tenants pay monthly, which is unique in the industry. Landlords can take their upfront rent at the beginning of a tenancy provided their property is compliant and the tenants pass referencing, or at any time during an existing tenancy, subject to a new one-year agreement. ARO doesn't affect a landlord's credit score as it is paid as rent and not a loan. This is made possible by ARO's proprietary Primary Tenancy™️ business model.
Property tax and HMRC Let Property Campaign. HMRC have for some time seen property landlords as fertile ground for tax collection, and the tax collected from this sector is certainly increasing.
The way HMRC check for tax evaders is becoming more sophisticated. Its thought that HMRC sift through the data on the two largest property portals to see if landlords are paying the right amount of tax or indeed any tax at all. HMRC now for some time developed a specialist property team. Its believed that they now cross check information with tax returns, property portals, land registry data and council tax bills. Why Your Business Needs Internal Controls To Manage Finances. When launching and managing a business, there are various priorities for entrepreneurs to balance – and of course, business survival is the first.
Providing a suitable bank account is set up and a decent small business banking team is in place to manage it (usually at the bank itself rather than within the enterprise), it is easy to overlook the process of creating internal control procedures for finances, instead leaving the oversight to the experts. However, even if a business doesn’t have a designated accounting specialist in-house, the use of internal controls is imperative for safe, competent and ethical financial management. What Do Financial Internal Control Procedures Cover? Internal controls of business finances can be as extensive or basic as a company wants or needs, but there are some foundation areas that all should cover. Landlords, Tenant Deposits & Part 36 bluff. The law states that a landlords must protect tenancy deposits.
Landlords who fail to protect tenancy deposits and to serve Prescribed Information Forms correctly may be liable for a penalty. The penalty can be as much as 3 x the deposit amount. The important thing to remember is that in the overwhelming, majority of cases the maximum penalty of, 3 x the deposit amount, will be less than £10,000. Getting Amazon Reviews That Make a Difference. What are Amazon Reviews?
An Amazon review is a public rating of the buyer's satisfaction with a particular product. Based on a five-star scale, reviews can be provided in the form of a simple star rating, written explanation, or video. Tips for Managing Your Cash Flow With Greater Efficiency. Bounce Back Loans repayment problems. Bounce Back Loans repayment problems. If you have taken out a COVID 19 Bounce back loan or other type of COVID 19 funding and are struggling to pay back the loan, you should read the following What are Insolvency Practitioners being asked to do?
All Insolvency Practitioners have been asked to familiarise themselves with the terms of BBLs and to review company books and records to verify receipt and disposal of BBL funds. Where concerns are identified or BBL abuse suspected, Insolvency Practitioners should ensure that these are reported under the Director Conduct Reporting Service (DCRS). As a general rule however the Insolvency Service has indicated that all insolvency cases where one or more of the coronavirus financial support processes has been used (i.e. BBL/CBIL’s/Furlough) they will be automatically targeted for additional review. How To Ensure Your Business Is Financially Compliant. ‘Governance’ and ‘financial compliance’ are not words that spark excitement in many, and for business owners and managers they may spark fear instead.
However, financial compliance is a legal requirement for businesses of all shapes, sizes and types, and its importance spans across all industries. When embarking on the journey of a new start-up, survival is the key priority; a lot of the admin and ‘detail’ comes later. However, many businesses go on to operate for years without creating and implementing their financial compliance procedures, and so go on to grow and develop further than their current contingent can carry them. Financial compliance is not an exciting part of business, but it is a critical one – and something that can’t be avoided. Indeed, there are even benefits to an efficient internal compliance program; and we explain what those are below.
How To Get The Most Out Of Your Banking Relationship. Small business banking is often just one of hundreds of priorities those managing SMEs must juggle on a daily basis.
When there is already an expert team in place at the bank dealing with your financial requirements for you, it can be easily overlooked in favour of business activities that require a more hands-on approach. Banks deal with SMEs daily, and most have tailored services to fit their needs. The Importance of Financial Statements. The creation of accurate financial statements is a mundane but necessary task for any business. While producing company accounts is never something entrepreneurs dream of doing when they first start out, it is still something that all business owners have to do on a regular basis. Here, we look at the importance of financial statements and why is it so imperative to ensure they are accurate. To do so, we list the top three financial statements that a company needs to complete, as well as highlighting ways you can make certain you are always producing reliable statements at each reporting period. How to Ensure Your Business Is Tax and Legally Compliant.
No decent entrepreneur starts out on their business journey wanting to compromise their success on technicalities. In taking the time to establish, grow and develop an enterprise, it’s easy to want to oversee and manage anything – but few business owners have the technical skills, qualifications and know-how to do this across all areas… let alone enough hours in the day! In truth, small business tax and financial concerns simply aren’t manageable for most business leaders; or at least, not if they’re looking to get on with the rest of the day-to-day tasks that successful business leadership involves. As a result, most business owners leave financial matters to their bank manager and only check in with them as and when required. How To Get The Most Out Of Your Banking Relationship. How to Ensure Your Business Is Tax and Legally Compliant. No decent entrepreneur starts out on their business journey wanting to compromise their success on technicalities. In taking the time to establish, grow and develop an enterprise, it’s easy to want to oversee and manage anything – but few business owners have the technical skills, qualifications and know-how to do this across all areas… let alone enough hours in the day!
In truth, small business tax and financial concerns simply aren’t manageable for most business leaders; or at least, not if they’re looking to get on with the rest of the day-to-day tasks that successful business leadership involves. As a result, most business owners leave financial matters to their bank manager and only check in with them as and when required. This is not ideal for a multitude of reasons, but is unfortunately very much the norm amongst the small-medium enterprises (SME) community.
How To Ensure Your Business Is Financially Compliant. Tips for Managing Your Cash Flow With Greater Efficiency. Managing your business’s cash flow is essential if you want your company to remain solvent. Without cash, your business simply cannot operate efficiently, if at all. It may seem hard to fathom sometimes, but many profitable businesses have gone bankrupt due to cash flow mismanagement. The Importance of Financial Statements. The creation of accurate financial statements is a mundane but necessary task for any business. While producing company accounts is never something entrepreneurs dream of doing when they first start out, it is still something that all business owners have to do on a regular basis.
Here, we look at the importance of financial statements and why is it so imperative to ensure they are accurate. To do so, we list the top three financial statements that a company needs to complete, as well as highlighting ways you can make certain you are always producing reliable statements at each reporting period. What Are Financial Statements? Capital Gains Tax changes impact on property investors.