In May 2020 the bounce-back loan initiative was introduced by the UK Government which provided loans of between £2,000 and £50,000. The application limit was a maximum of 25% of annual sales, subject to a ceiling of £200,000. Each loan was given a six year repayment programme, with interest...

My March article regarding personal financial challenges and potential utilisation of the Debt Administration Scheme provoked feedback and questions from readers.  Many wondered what other options might be available because, for those either living in rented accommodation or residing in a house with substantial negative equity,  a DAS might...

For the vast majority of businesses, particularly those with annual sales greater than £100,000, operating through the medium of a limited liability company is the most popular choice.  It almost eliminates personal liability for business debts and creates a more favourable tax regime when annual profits exceed about £50,000. ...

My article in December 2022 regarding personal financial challenges provoked a certain amount of feedback because many individuals are struggling to pay their bills and have a concern that their personal financial position will worsen as costs continue to increase such as utilities, debt servicing, food and travel. A...

Liquidation or Administration : does it matter? If all attempts to avoid formal insolvency have been exhausted and the company is about to fold, directors might be forgiven for having scant regard to the type of process that might be  suitable for their company.  When a director is faced...

The many challenges of the overdrawn director’s loan account As the number of formal insolvencies begins to increase and there are signs that recessionary pressures in 2023 will witness a further wave of company failures, it is often unwelcome news to a company director that as well as losing...

Dealing with personal financial challenges in these tricky times Much is written about the current cost of living crisis i.e. low or non-existent wage increases coupled with  inflationary pressures on everything we buy, and there is no doubt that it has created the most difficult conditions that the North...

One reads plenty media comment about an increase in both corporate and personal financial failure due to various factors and certainly, although there is some Government assistance for energy costs, many of the temporary law changes and financial support structures that we saw in recent years have now been...

It is often said that challenging economic conditions create financial uncertainty and result in an increase in fraudulent activity by the unscrupulous. For example, the Covid-19 pandemic caused significant financial upheaval for almost everyone and many reports of fraud were publicised.  One might point to the incidence of furlough...

There has been a marked increase over the last few months in those seeking independent and experienced advice about the financial condition of their business because the overt signs are that the business has, or anticipates in the near future, trading difficulties that are likely to create cash flow...