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Debt levels soaring amongst the UK’s self-employed

According to recent research carried out by the SME advice service, Business Debtline, small business owners and those self-employed are experiencing high levels of debt. There is an increasing concern for this, as these people make up 15% of the country’s total employed population and the tendency for more and more workers to become self-employed is leaving thousands of people in debt.

Debt levels soaring amongst the UK’s self-employed2019-02-15T09:56:57+00:00

Late Payment of Invoices

Small businesses are the backbone of our economy and in the last 5 years, the amount owed to smaller businesses in late payment has more than halved but we want to see payment practices improve even further. Research carried out by R3 earlier this year found that late payment of invoices was the most common sign of business distress among companies in the North East, North West, Yorkshire and Humberside, with more than a quarter (27%) of them saying they were owed payment on invoices that were 30 days past their due date. A 2016 R3 survey of the insolvency [...]

Late Payment of Invoices2019-01-15T11:58:22+00:00

What is an overdrawn directors loan account?

What is an overdrawn directors loan account? An overdrawn Directors loan account relates to funds being removed from the company by its director which is in excess of his remuneration and or declared dividends and remains outstanding to the company at the financial year end or at the point of an insolvency.

What is an overdrawn directors loan account?2018-12-19T13:05:37+00:00

The Phoenix rising from the Ashes – an Insolvency Practitioner’s View

Directors are prohibited from utilising the same or similar business name for five years following a liquidation, subject to certain exceptions which can be found in insolvency legislation.

The Phoenix rising from the Ashes – an Insolvency Practitioner’s View2018-09-12T10:22:34+00:00

How can you avoid Disqualification as a Director

A company is generally considered insolvent when it can't pay its bills as and when they fall due or if its liabilities are greater than the value of all its assets.  Legally, the directors of a company are required to act in the best interests of its creditors.

How can you avoid Disqualification as a Director2019-01-09T14:43:23+00:00

Enforcing Reservation of Title – Cold Comfort or Cash?

In the contract between the supplier and the recipient of goods, there is a specific condition that title or ownership of the goods doesn’t pass to the recipient on delivery or collection (which is the normal situation); it happens only when the goods have been paid for in full.

Enforcing Reservation of Title – Cold Comfort or Cash?2018-08-23T12:20:10+00:00

The importance of using Business Analyst or conducting a Health Check

The success of all businesses, hinges on three fundamentals; customer satisfaction, product or service distinction, and profitability. Read more about how why you should regularly conduct a business health check.

The importance of using Business Analyst or conducting a Health Check2018-08-23T12:22:19+00:00

The importance of Financial Education for Teenagers

If you ask us, one of the fundamental aspects of life is learning to manage your finances, and can never be taught too young. But this needs to be provided in a manner that engages the youth and shows both the very positives in being prudent and the extreme difficulties that can be caused by being reckless.

The importance of Financial Education for Teenagers2018-08-07T12:30:57+00:00