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Getting your taxes in order is a very important part of learning to function as an SME, but sometimes the process can seem complicated. If your business is potentially struggling in the current economic climate then tax affairs can seem even more daunting.

There is no doubt that the way in which the recent economic crisis placed severe restrictions on cash flow has had a far more damaging effect on small businesses than it has on large organisations. This is illustrated by the way in which job creation has proceeded at a much faster pace amongst larger companies than it has amongst small businesses, which are traditionally considered a reliable source of job creation. Mark Zandi, the chief economist at Moody’s Analytics, explains that this is largely because of the way in which the squeeze on credit, in which it became harder to borrow and maintain a healthy cash flow, affected small businesses to a much larger extent, paralysing them in the process.

Research has shown that SMEs spend a staggering 130 hours each year chasing late payments, waiting a full 30 days beyond the agreed term on their invoice before receiving their payment.

Simon Thomas and Shelley Bullman of leading insolvency and restructuring firm Moorfields Corporate Recovery LLP were appointed Administrators of Restover Lodge Limited on the 15 April 2013.

Britain’s prolonged cold snap has had a devastating impact on UK business, with figures from a survey conducted by the Federation of Small Businesses (FSB) revealing that more than half (55%) of small firms have been hit hard by the spell of unseasonable weather.