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Tips on How to Handle the Budget from Alliance Leicester Commercial...



The recent budget announcement will impact on many UK businesses according to research from Alliance & Leicester Commercial Bank, only one in ten business owners understand what these changes will mean for them.



In order to help small businesses get to grips with the latest budget, Steve Jennings, the Director of Business Banking at Alliance & Leicester Commercial Bank, has created a list of top tips about how to continue to get the most from your business and allowances:



1.    Prepare now. Start working towards any of the changes that do not start until next year. These could put a squeeze on your business' finances. Small company corporation tax rates are going to rise to 22% by 2009/2010. If you start to put surplus funds into a high-interest business deposit account (https://www.alliance-leicestercommercialbank.co.uk/content/SB020001.asp) that will earn extra funds, making your spare cash work harder for you.



2.    Seek advice. If you are unsure about how certain changes will impact your business, it is sensible to get professional advice. An IFA or certified accountant will be able to talk you through the finer points of the budget and provide guidance about areas of your business that will need attention.



3.    Take advantage of positive Budget changes. The Budget includes a number of business incentives that you should consider as these could provide you with an advantage.



4.    Keep a business diary. Knowing when legislation changes will allow you to prepare and ensure that you can keep ahead of important deadlines. By knowing when the laws change you will be better placed to avoid any penalties for missing deadlines, and also help you take advantage of any incentives.



5.    Re-assess. The Budget will change many aspects of your business, and this may mean that you need to shift your goals over the next twelve months. Reassessing your business banking (https://www.alliance-leicestercommercialbank.co.uk/content/HP000001.asp) needs will allow you to get a clear picture of where you stand financially and prepare for any additional expenditure so that you can continue heading in the right direction.



Alliance & Leicester Commercial Bank have produced a free downloadable guide to the changes in the budget, which is available online at www.alliance-leicestercommercialbank.co.uk/tax






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