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Archive for September, 2012

£50k flexible overdraft facility established for social care agency

Wednesday, September 12th, 2012

The new alternative to a bank overdraft!

A social care and staffing agency had traded successfully for 10 years however a change in the way  local authorities and PCTs pay their invoices caused a gap in working capital. With up to 70 staff paid weekly they could not wait for up to 6 weeks for their invoices to be paid. They approached their bank who could only offer limited options. XL Business Finance were able to recommend a flexible overdraft facility. This facility was arranged in a timely and efficient manner at a costing comparable to a bank overdraft, all without the business having to move their existing banking arrangements

Directors Liability for unpaid PAYE/NIC

Thursday, September 6th, 2012

Directors of companies that use HMRC as one of their bankers should take note of a recent tribunal known as ” Roberts”, about their potential personal liability for unpaid PAYE /NIC contributions

In short the finance director was served with a personal liability notice for PAYE and NIC which were deducted from wages but not paid. More details available if required. This need not happen with the correct advice and funding possibilities. There are many alternative business finance  to bank funding such as flexible invoice finance, EFG funding asset refinance and sale and lease back of intangible assets using directors pension pots.

XL Business Finance has been providing alternative funding solutions for over 12 years

 

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