Business & Financial Planning
At Smith & Barnes, in our initial meeting we will discuss your business in detail and explore all the possible solutions available to you and your business.
Smith & Barnes always aim to avoid any formal insolvency procedures where possible. Our down-to-earth, honest advice includes looking at your business’ finances, and we can assist making information arrangements with your creditors to allow more time for you to pay.
Informal debt options are always the most favourable outcome and getting timely, professional advice is paramount in avoiding formal insolvency proceedings. We will help you to prepare a statement of assets and liabilities, outlining monthly income and expenditure with basic budgeting to prioritise your payments.
Other available options include:
Preparing Cash Flow Statements
This gives a true reflection of the financial condition of the company and assists business owners review the position. We can help you prepare this and decide a plan of the best way forward.
Informal arrangements with creditors
Should the prepared cash flow allow, we can speak with your creditors and make informal arrangements to allow a longer period to repay debts. Whilst these types of agreements are not legally binding, they can be useful in buying more time to get your business back to a cash flow rich position.
HMRC - Time to pay arrangements
Likewise with the above, we have extensive experience in dealing with HMRC and arranging a formal agreements where HMRC allow you to repay the debt over a longer period of time, making it more management.
Administration
Company Administration can protect your company against creditor action whilst we work to find a solution.
This is a formal insolvency process which can be initiated by shareholders, directors or creditors. It is usually used to provide immediate protection over a business that are under financial pressure.
If you are therefore concerned that a creditor may take action against your business, an Administration may be the answer.
When a company enters into administration, the trading of the business continues under the powers of the Administrator. Smith & Barnes can help and remove the creditor pressure, avoiding any further legal action and find the best solution for the Company.
Company Voluntary Arrangement (CVA)
A CVA is a formal agreement between the company and its creditor to pay back monies owed, in full or in part, over a specific period.
This allows the business debts to be paid back over a period of time, relieving pressure so you can get back on track. The Company directors remain in control of the business, and you are able to trade out of hard times