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Should You Act as a Personal Guarantor for a Business Loan?

Have you ever been asked to act as a personal guarantor on a business loan? Maybe you’ve been asked by a business owner you’re on good terms with, or maybe you’ve considered taking on the role for a limited company you’re a director of. Is it a good idea to accept the request — and what could the consequences be? What Is a Personal Guarantee? There are various ways of offering security to a lender for a business loan
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Client Money Protection Schemes — What Can You Expect from a Letting Agent?

When you’re selecting a letting agent to manage your rental properties, it’s vital to pick the right one. There are plenty of good agencies around, but unfortunately not every agency meets the minimum standards. Picking the wrong one could leave you in financial trouble. No doubt you have a list of questions for any prospective letting agency, but does this include whether they’re a member of a client money protectio
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Is Your Business at Risk from Global Supply Chain Problems

There plenty of challenges at the moment to SMEs, but one the major dangers comes from the global problems in the supply chain. This is largely down to the war in Ukraine and the resulting sanctions against Russia, but it isn’t a simple issue. How might this affect your business? Challenges to the Global Supply Chain The supply chain into the UK has suffered a series of blows over the past couple of years. The afterm
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Improving Financial Outcomes — The FCA’s Three-Year Strategy

Most people would agree that the financial sector has been in dire need of more targeted regulation — and, on the whole, those companies that have always operated ethically would also agree. In a sector tarnished by everything from the LIBOR scandal to consumer scams, tougher regulations should allow firms already meeting or exceeding those standards to get a head-start. What’s the Background to the Strategy? S
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You Could Be Disqualified as a Director for Failure to Keep Accounts

You have a lot on your plate as a business owner, and keeping your accounts up to date might seem like something that can be put off till you have more time. This is unwise, even if nothing goes wrong, but there are circumstances when getting caught with your accounts undone could lead to disqualification as a Director. The Case of Mitchell Smith The government has recently announced the disqualification of Mitchell
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Are You Ready for the Recession?

It’s obvious to everyone now that we’re heading into recession. Energy and fuel costs spiralling and food prices rising are going to affect everyone on a personal level, but they could also have a knock-on effect on your business. Are you in a position to get through this? What’s Happening to the Economy? A number of factors have combined to create shortages (and therefore rising prices) across the
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The Enforcement Conduct Authority — New Proposals for a Debt Enforcement Oversight Body

Many sectors of the financial world have their own independent oversight bodies. The best known is probably the FCA (Financial Conduct Authority) but similar organisations operate in various areas of finance. One notable exception, though, has been the debt enforcement sector — but that may be changing. A prominent think-tank has brought together various sides of the sector and proposed a framework for a new oversigh
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One in Five Renters Finding It Difficult to Meet Their Housing Costs

A Government report released in April shows a stark picture of how households are coping with their housing costs and savings in the pandemic. The problems apply to both the home-owning and rental sectors, but renters seem to have been hardest hit. The Second Wave Household Resilience Study After more than a year of the pandemic, the Government has published a study of how households are holding up in the wake of the
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Landlords — Avoid a £30,000 Fine by Keeping Up Electrical Safety Tests

If you’re a responsible landlord, you may well already carry out EICR (electrical installation condition report) checks regularly on all your properties. From 1st April, however, this will be a legal requirement, with fines up to £30,000 for failure to comply. What Is the EICR? An EICR is the document that an electrician issues after carrying out an inspection on the electrical equipment in a property. Dependin
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Ban on Evictions Extended Again — but how Complete Is it?

On the 10th March, the Government announced that the current moratorium on evictions will be extended until 31st May, for both domestic and commercial tenancies. This is clearly good news both for people who rent their home and for struggling businesses, but not necessarily for equally struggling landlords. So, does this mean that no evictions can take place, regardless of the circumstances? The Extension of the Mora
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