Latest Q & A
How should you repay an outside investor?
I want a cash injection of £5,000 into my business, and have an investor lined up in return for 10 per cent equity in my company. How and when does one pay an investor back? Is it 10 per cent of the profit each year, and for how long?
Failure to pay an invoice
What can I do about a customer who is refusing to pay outstanding invoices?
Are there loans for women in business?
Are there any specific loans for women in business?
Advice on an unpaid invoice
A customer has refused to pay my invoice in full and has offered a smaller amount for work already done. Is there any simple action I can take to get the rest of the money due?
Offsetting losses against PAYE
If, whilst employed and paying tax, I set up as a sole trader as well, can I offset any trading losses against the PAYE I pay through my self-assesment?
Claiming back tax
What can I claim back tax on when some things are used as part of the business and some for the home, such as car, internet, phone and so on.
Where can I find extra funding?
How can I find additional funding from a bank after taking out a secured loan to start a family business in the South West?
Director of two companies
What are the tax implications of being a director of two companies?
Vehicle purchase
What’s the procedure for writing down a new business vehicle?
Registering twice
I’m already registered as self-employed, but want to start another business. Do I need to register again?
changing bank accounts
We have a longstanding bank account and an excellent relationship with our account manager. Can a new MD change this account without other shareholders agreement?
Rent guarantees
I am currently looking for retail space and am concerned about the level of rent guarantee that seems to be required (12 months). As a start-up business, this is prohibitive. Is there anywhere I can turn to for help or find out what is normal in the area I’m looking?
Credit rating
My turnover has reduced by 75 per cent as a consequence of the recession. Now I have a poor credit rating and the bank will only provide an overdraft equivalent of only three weeks' turnover. We’ve been in business for three years. How can we negotiate terms?
Reclaiming expenses
I have a home-based business idea. I need a computer to write my business plan (to support business post launch). Can I claim this expense back against tax when I eventually set up my limited company?
Tax changes
What are the tax implications for a small businesses under the new government?
R&D tax credits
How do I know if my business is eligible for R&A tax credits?
Cash in hand
If I’m paying a cleaner for four hours a week at the minimum wage, can I just pay them cash in hand without having to take into account tax and NI?
Selling a business
What should I do before selling my business?
Over budget
I’ve just realised my business is over our budget. What might some of the reasons for this be?
Benefits for employees
I took myself and three employees to London for the weekend. Can I offset the cost in any way?
Offsetting tax
I'm starting a business, can I offset my losses against tax?
Apprenticeship grants
I'm taking an apprentice for my joinery company. Am I entitled to any grants?
Investment proposition
Is it better to trade as a limited company or a sole trader if I'm looking for investment?
Break-even point
What is a 'break-even point'?
Late payment penalties
I am having trouble with companies not adhering to the 30-day payment terms. Some are not paying after three months even with constant phone calls. Is there anything I can do to make sure they pay on time? For example, penalties for late payment.
Tax deductions
I operate my business from home and spend one or two days a week where my staff work. Can I count my travel costs as tax-deductible?
Overdraft pulled
My bank has asked me to repay half of my overdraft as a loan over five years. This will put me under great pressure and probably force me to close my business. Is there anything I can do to fight their decision?
Setting up from abroad
I am setting up a business from abroad. Will I be subject to UK income tax on these earnings?
Seeking finance
I have a bad credit rating because one of my customers went under and put us in debt. Is there anything we can do to get a bank loan?
Credit control
Should I always investigate the credit worthiness of potential customers?
