How To Apply For a Business Loan In The UK

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Since the 2008 banking crisis, securing a bank loan for your small business has become notoriously difficult in the UK. Even with Government schemes, banks are reluctant to offer funding. That is unless you can convince lenders you have a solid business strategy.

The days of the credit culture, where even your pet dog could get a loan, have come to an end, but it is not impossible if you are well prepared and can present a compelling case. This article details the documents you need to prepare your strategy and the manner in which you should approach banks in order to increase your chances of securing a loan.

 

Invoice Finance & Factoring - Our Top 5 Tips

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Confidential Invoice Finance and Factoring is a great facility for providing funding in a growing business but make sure you take advice before signing up or renewing your facility as there are many savings available. Here are our top 5 tips:

1. Save on Borrowing Costs: Only draw down funds from your Invoice Finance or Factoring provider when    required as you will be paying interest on your borrowings. Companies often draw down their maximum available balance and sit it in a bank account and do nothing with it. We have saved clients as much as £80 per day (£20,800 per year) in interest costs.

Invoice Finance - Terms Explained (Part 1)

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Both Confidential Invoice Finance and Invoice Factoring contracts can have many terms that may be unfmailiar to you. At Gordon Ferguson we try to explain the contract to you in a more simple and meaningfull way. Below are a list of terms that you may come across and there definitions:

Advance/Prepayment/Initial Percentage (IP) - The initial amount payable by the invoice financier to the client against the debt.

Putting family on the payroll?

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One of our clients wanted to put his teenage son on the company payroll to help him with his finances, but was worried what HMRC would say about this. Can his company claim a tax deduction for his son’s wages?