Tag: Avoid Debt

If My Company Goes Bust Will It Harm My Personal Credit Rating?

If your business faces closure this year you will no doubt have plenty of things on your mind to worry about without adding personal worries to the equation. One of the major concerns for many directors is the potential impact on their own financial future and their credit rating in particular. To ease those worries,…




HMRC Set To Rank Higher Among Creditors

Insolvent business will soon see HMRC moving up the rankings among creditors when new insolvency measures are introduced in 2020.   In the past HMRC was always a priority creditor until 2002 when the Enterprise Act was introduced and put into place in 2003 classing them as an unsecured creditor. This meant HMRC was relegated to…




Will Business Insolvency Cost Me Anything?

The answer to this is it depends both on the complexities involved, creditors and insolvency practitioners hired to deal with the process. Insolvency should never be seen as an easy option as a result of the many variables that need to be considered first.   Potential fees for a business going insolvent might include the costs…




Guide to Exit Strategies

Every business owner(s) or shareholders should have an exit strategy because there will inevitably come a time when the business itself reaches the end of its life or the owners wish to leave the business and move on. But what exactly is an exit strategy in practice? Here’s a brief guide to explain…  The confusing…




Is it the Beginning of the End for Homebase

Retailers Homebase have just become the latest major store chain to face the threat of extinction only to be saved from administration by a company voluntary arrangement (CVA) which has for now been agreed with creditors.   Given the fate of many large household retail chains in the past decade it would be easy to assume…




Under What Circumstances Can HMRC Write Off Debt?

If you are a business owner worried about how you are going to settle your HMRC debt then the bad news is renegotiating or writing off the debt isn’t going to be an option for you.   In fact owing money to HMRC means you are likely to be facing increased pressure to pay up as…




Why Customer Retention Is Important

Customer retention can mean the difference between business success and business failure so working on it is of vital importance to any business particularly in tough times.   If your business is in financial difficulty, then your regular customers can provide some vital help in getting it back on track. Not only that, happy customers and…




Administration – Does It Have To Mean The End?

The latest news concerning Toys R Us and Maplin has become an all to familiar story in recent years as a retail revolution continues to gather pace coupled with a fall in the pound and other headwinds of uncertainty in the UK economy.   Toys R Us and Maplin now find themselves entering administration following poor…




Shops Struggle With Business Rate Burden

The number of stores being lost on Britain’s high streets continues at alarming rates as the burden of business rates and competition from online retailers continues to exert pressure.   Some stores such as Toys Are Us have found trading conditions particularly difficult in the past decade and recently announced the possible closure of several stores. …




How To Produce Accurate Forecasts For Your Business

Forecasting is an essential part of business planning but not doing it well enough can be the main reason why a business fails. Here are our top tips on producing an accurate business forecast for this year and how to avoid some of the pitfalls. Make sure you forecast is realistic  It might sound obvious…