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How can I carry out a credit check on my customers?

2020-05-27T10:33:16+01:00By |

Many people love the idea of running their own business but are concerned about the stability of self-employment. In theory, it should be simple; you do the work, you invoice your customer and they pay you. But there may be times when you come across a customer who says they aren’t in a position to [...]

What is a Director’s Loan Account?

2020-04-30T15:33:19+01:00By |

An area that contractor’s often ask about is Director’s Loans. Based on the questions we get, we’ve put together a comprehensive guide that covers everything you need to know, such as who can take a Director’s Loan, guidelines for taking a loan and tax implications connected to it. Never be confused by a Director’s Loan [...]

How do Director’s Loans work?

2020-04-30T15:33:20+01:00By |

HMRC classes a Director’s Loan to be “money that is taken from the company that isn’t either a salary, dividend or expense repayment, or money that you’ve previously paid into or loaned the company.” A Director’s Loan can be useful if you’re cash-short or for some reason, you find yourself with a large number of [...]

Charging interest on late payments

2020-04-30T15:33:20+01:00By |

According to the Federation of Small Businesses (FSB), late payments by clients causes 50,000 small businesses to go under each year. This is estimated to cost the UK economy £2.5 billion. For contractors and freelancers, the personal cost of late-paying clients can be more damaging than the financial cost. Worrying about cash flow and late [...]