Is your business cash flow causing debt problems

If cash flow is causing your business real hardship to the point where you are not meeting your tax commitments then perhaps it's time to get financial advice.  You may even need to clear debt from your personal life.

Are you struggling to get invoices paid by customers?

Struggling to pay invoices? Find out about an IVA or CVA in the Uk

Is your cash flow causing you personal debt management problems?

It does not matter how big your company is, whether you are a one man business, a small to medium sized business or even a huge corporation, credit and debt are every day necessities and they make the business world what it is.

Managing the company finances are not always easy and sometimes things can go wrong through no fault of the company or the people working in it.

In the past, a lot of companies went bankrupt because of poor cash flow and whilst it is still an issue, the law has been changed recently to try and help the situation. The law now allows you to charge late paying customers interest on late payments and even claim reasonable debt recovery costs if you have to chase outstanding payments.

Our advisors can give you help about how to go about recovering debts from customers when they fail to respond to your requests for payment.

There are also vast amounts of information available from solicitors, accountants and government agencies aimed at helping business keep afloat when things get tricky with cash flow.

Most businesses have financial trouble at some point

The biggest reason for companies collapsing in the UK is because of cash flow problems. In fact, almost half of British small companies collapse due to this. It can get so bad that they become insolvent often leaving the directors bankrupt.

What if I can't pay my tax demand?

The main thing to remember if you cannot meet the tax demand you have received is not to panic. The Inland Revenue may threaten legal action of some kind but there is no point in burying your head in the sand and doing nothing. Doing nothing is the worst thing you can do!

If you do owe the Inland Revenue outstanding tax they may allow you to pay it over the course of several weeks or months. You will however be liable to pay interest on these payments even though it is a very low interest rate and usually only amounts to a small amount of money on top of what you already owe.

The best thing is get advice as quick as possible. The Inland Revenue themselves can help and are very understanding but our trained debt advisors offer help and advice to anyone that may need it.

If you need any further information about tax you may wish to contact HM Revenue & Customs via their website.

For help with tax debts call 0800 018 3345 Now!