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Cash Is King

Posted: 10 Oct 2010 in Blog Business Advice

A key factor in the success of any business is how well it manages its cash-flows. Credit control plays a critical part in this process. Remember: a sale is not a sale until the money is in your bank account!

Credit control is about collecting the money owed by customers in the fastest and simplest way possible. Tips for improving this process are:

  • Ensure your terms of business are defined and agreed with your customer/client
  • Have a clearly defined credit policy and collection routines and follow them
  • Send your invoices promptly
  • Encourage customers to pay electronically
  • Reduce invoicing errors and issue credit notes speedily
  • Chase debts before the due date
  • Issue regular payment reminders and constantly follow-up
  • Stop supplying those customers that are long or persistently overdue
  • Prioritise the credit control work to maximise results

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Tax Rates

Income tax2013-142014-15
Tax-free personal allowance (under 65)£9,440£10,000
Basic rate: 20%£0 - £32,010£0 - £31,865

Higher rate: 40%(dividends: 32.5%)

£32,011 - £150,000

£31,866  - £150,000

Additional rate: (dividends: 42.5%)

Over £150,000

(45%)

Over £150,000

(45%)

Capital Gains2013-142014-15
Annual Exempt Amounts for individuals£10,900£11,000
Corporation tax (rates for financial years starting on 1st April)20142015
First £300,00020%20%

Next £1,200,000

23.75%21.25%
Over £1,500,00023%21%

Tax credit on dividends (basic rate taxpayer)

10%10%
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Cars & vans45p25p

Motor cycles

24p24p
Bicycles20p20p

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