90% of UK SMEs are waiting to be paid for work done since March 2020, according to research by fintech business lender Market Finance
2020 has brought SMEs their biggest ever challenge to date. The coronavirus pandemic threatens their existence as economies adjust to the financial turmoil started by this invisible enemy.
Recent research by Bottomline into the thorny area of late payments shows that 92% of financial decision makers admit to having paid suppliers late.
Caroline Plumb OBE, serial entrepreneur and founder of cashflow management app Fluidly, examines the current plight of small businesses and calls for action
Payroll, it should all be simple right? You register for PAYE (Pay As You Earn) number, HMRC approves your application, you get a piece of software, enter the pay details for your staff and voila.
The gradual easing of lockdown restrictions will give business owners hope that some of the most challenging trading conditions in recent memory are behind us.
The coronavirus lockdown is turning into an endurance test for everyone but it is especially difficult for the business community who must contend with the financial shock caused by the enforced interruption of trade and the continuing uncertainty.
Now is undoubtedly one of the most challenging and uncertain times to be a small business owner.
Businesses in the UK can now apply for the scheme which gives them up to three months to file their accounts, helping companies ease their administrative duties during these challenging times
We’ve all been there, and a large number are still there, so we know how that hand-to-mouth monthly living can wear you down and eventually take its toll!