Money Saving Tips

Business Rates Appeal Deadline = March 31st

Any business owner who thinks they're being charged too much for their business rates has until just March 31 to appeal. If the appeal against your rateable value is successful, you could receive rebates since the last revaluation was carried out nationwide in 2005 and that's likely to be worth thousands of pounds. Make It Cheaper, for example, has reduced its rates liability by over £11,000 - and there are 160,000 other small businesses who've done likewise. Furthermore, rural businesses like a village shop or petrol station and non-profit organisations can apply for discretionary relief which can reduce the bill by 100%. Likewise, charities and amateur community sports clubs can apply for charitable relief which can reduce the bill by 80%. Start your appeal here.

 

Would you like your invoices paid tomorrow?

According to Touch Financial, you could release up to 95% of the cash tied up in your unpaid invoices, with the cash in your account and ready to use within 24 hours. You could even make up the difference by offering to pay your own suppliers early and negotiating similar discounts. Touch offer a free service, aimed to help you find the right provider at the right price.

 

 

 

New business rates alert: are you a winner or a loser?

Business rates are worked out on the rateable value of your commercial property and, unfortunately for a lot of businesses, the calculation for 2010-2015 has been worked out on the value of your property in 2008 when the market was pretty much at its peak.

The Valuation Office has now published new rateable values with some unlucky businesses being hit with threefold increases. To find out yours, punch in your postcode  and cross your fingers. Like Make It Cheaper's business electricity Price Checker, the Valuation Office website also let's you compare your rates against others in the area and explains how to go about appealing against any increases. EG if the area has deteriorated, the property square-footage is wrong or it is now being used for a different purpose / empty. 

 

 

Late payments could be doing your business more harm than you realise

Apart from the obvious cashflow issues, they may be denting your credit score. Believe it or not, the rates you are charged by your suppliers for things like cheap business electricity can be directly linked to your credit score.

Even if you don't want to risk losing customers over late payments by charging them interest, you could at least work out how much they - theoretically - owe you and bring it to their attention.

The Better Payment Practice Campaign offers tips on credit management, a guide to getting paid on time, what happens when a company does a 'phoenix' and the genius Late Payment Interest Calculator.

Did you know that the late payment interest rate is 8% plus a 'reference rate' of 0.5% for the period 1st July to 31st December 2009?

 

Planning on making a big stationary order? Euroffice is offering a 20% discount on the first order you make

No minimum order value, free next day delivery - seems like a no-brainer. Plus you can claim freebies on orders over a certain size - like a crate of Diet Coke if you spend £149 or more. Reassuringly, Euroffice also has a lowest price promise for its 35,000 products that guarantees to offer the lowest price on office supplies. One coupon applicable per order. Apply here.