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We can’t always predict the future so it’s important to keep up to date with developments to stay ahead of the competition. We’ve therefore put together our finest small business advice to prepare your business for the coming year.
From April 2019, new tax rules will apply to businesses. Under Making Tax Digital (MTD), all VAT-registered businesses with taxable turnover above the VAT registration threshold will have to file their VAT returns using software and keep all VAT records in digital form.
Make sure you check and update your software to ensure its compatible with the new MTD.
The tables have turned in the way we take payments. Years ago, small businesses would only accept cash payments but today it is less common to come across a business that doesn’t accept cards. According to recent figures from UK Finance, British consumers used their debit cards 13.2 billion times last year, up 14% from 2016. It is also predicted that the number of cash payments will halve to just 6.4 billion over the next decade, the equivalent of 16% of all transactions. Therefore, it’s important to make sure your business accepts card payments.
If your business doesn’t currently accept cards, speak to our card processing partner, Handepay, who can offer low cost merchant services and small business advice to those who are new to taking card payments.
According to experts, in 2019 voice search and personalisation are set to be the forefront of marketing. The number of digital marketing tools and channels available for customisation is continuously growing so make sure you take advantage of these. As technology is getting more advanced you can tailor your digital marketing messages accordingly. A good place to do this is through Facebook campaigns, you can target certain audiences based on their profile.
Our best small business advice is to keep on top of your cash flow. A healthy cash flow will help you cover unexpected costs, stock, seasonal trends and to fund new campaigns and help to make any improvements to your business. If your business accepts card payments, a business cash advance is a hassle-free way to boost cash flow when you need it most.
Quick Capital provides cash advances to businesses taking card payments through their merchant account. To find out how Quick Capital can help you boost your cash flow, submit a quote or contact an advisor on 0800 3777 402.
Filed under: Advice