2012 January

Archive for January, 2012

How to Get Help with Business Debts

Tuesday, January 17th, 2012 at 0

Most businesses have debts of some kind. For example you might buy stock or raw materials and agree to pay for them within thirty days. But if you run into problems with your cash flow you could find these debts start to weigh you down and cause problems for your business.

Whatever the size or nature of your business debts, it is vital to seek advice so you know how to resolve them. Business debts help can make all the difference if you seek it early, because it could literally save your business.

Worried? How to deal with business debts? Watch short video below or scroll to read the post…

By the end of this short video you will understand:

Business Debts with Inland Revenue, Custom & Excise VAT

Consequences to Company Directors

Penalties, Interest and Other Charges

Solution

Where can you get business debts advice / help?

The Business Debtline exists to provide free advice to all types of businesses. Their website gives advice to businesses in Scotland as well as England and Wales, as the laws can differ slightly in these areas.

You can also consult the Business Link site created by the government. But often the best sources of advice for business debts consolidation are experts who have their own businesses doing just this on a daily basis. Be sure you consider all the options and make a list of potential solutions you could use.

Seeking specialist advice for business debts solutions and VAT debts

The first thing you should consider is the type of debt you have. For example VAT debts and tax arrears are vital to get sorted out as quickly as you can. Professionals in this field can advise you on the best way to handle the situation in order to come to the best conclusion without risking the future of your business.

Smaller debts to other creditors may not be as important as these debts, but you should still pay close attention to the situation. If you rely on a particular creditor to provide you with essential raw materials for example, they could refuse to supply any more until you clear your debts. So you can see that finding business debts solutions is important in every situation.

You can probably tell that time is always of the essence. No form of debt will go away simply because you choose not to think about it or confront the problem. In fact the opposite will happen – the debt is likely to get bigger. Since this threatens the very existence of your company you can see that it makes sense to ensure you take the best form of action as quickly as you can.

Testimonials from people just like you…

Listen to what David has to say how we helped him.

Find out how we helped Matthew with his business.

Hear what Kathy has to say about what we did for her.

Business Debt Helpline 0800 24 0800

Administration Pre Pack

Saturday, January 14th, 2012 at 0

What is a Administration Pre Pack?

Most people have heard of businesses going into administration. This is when an appointed administrator holds the decision on whether the business is able to carry on or whether the assets should be liquidated. In some instances the company is able to continue as a going concern.

However there is another form of administration which is known as a pre-pack administration. In this situation an agreement is made to save the existing business. If you think your business might benefit from this move, you should find out as much as you can about administration pre pack before you do anything else.

Is it true that a business can continue in a administration Pre-Pack process?

Yes this can happen. It is perfectly legal and it means the business can continue in the hands of a third party. This could be someone who is completely unrelated to the business, or in certain circumstances a new company can be formed by the directors of the existing company. This might sound unusual but it is legal and encouraged in certain instances because it keeps the company afloat.

So a prepack administration could save the jobs of those working for the company?

Yes it can, and this is one of the reasons why this avenue should always be considered if your company is in financial trouble. Of course it is important to ensure you get practical advice in every case; you may not be in a position to create a pre-packaged administration to solve the problem.

Any business in this kind of situation is likely to be facing threats from creditors who have yet to be paid as agreed. A administration pre-pack can ward off these threats, whereas the alternative is to wind up the company and let it go under. By triggering the pre-pack option you can not only save your business and keep it afloat, you can also protect it, keep it trading and keep people in jobs.

It is vital though to remember that you have a duty to try and pay back your creditors. A prepack agreement of this nature should not be seen as an easy way out. In fact there are precise stipulations that surround this situation, which is why professional advice is always advisable if your company is in financial trouble and you are considering your options. Finding the right solution is always the best course of action.

Administration Pre-Pack Helpline 0800 24 0800

To find out more Watch the short video below about Administration Pre Pack