Directors are asked for personal guarantees on company borrowing
Company directors are being urged to be cautious when applying for company loans, says leading Midlands law firm Higgs & Sons, who have issued a plea for bosses to be wary of entering into personal guarantee arrangements in order to secure corporate borrowing. They warn that borrowers should seek professional advice before going ahead with a loan or funding arrangement to ensure that the risks and liabilities are fully understood and can be weighed up against the commercial benefit of the loan.
The main reason is that many people are not aware that personal guarantees can be enforced against the guarantor's estate on death and that personal guarantee usually contains an all monies clause. This means that when a director's company enters into future facilities, the same guarantee will still apply.
Another common misconception amongst directors is that if the guarantee is capped at a specified amount, there will be no excess charges imposed. On the contrary, many guarantees can often force the guarantor to pay interest and also any legal costs and expenses associated with enforcing the guarantee.”
Business Plan checklist
By going through the business planning process you'll ensure you understand yourself, your competitors and your customers' needs better. This will enable you to put the right strategies in place to maximise your financial results. In essence, there are four main reasons for business plans:
1. Explain your plans to yourself and others
2. Persuade a third party to provide resources or assistance
3. Guide your strategic thinking on what and how you are trying to achieve
4. Set financial targets to help you forecast sales & control costs
What to keep in mind? ...read more....
How to get better at networking
Networking can be difficult, even daunting, for many people who otherwise have no problem with simply chatting to people. Here are 4 tips on how to make it more fun:
1. I won't know anyone; We live in a networked age and most of us are connected to more people than we realise. Take 10 minutes to write a list of work colleagues, industry contacts, friends, family, college alumni... you may surprise yourself.
2. Don't self-promote; Networking is about selling yourself, but don't sound like a salesman. Instead, show how good you are by having a few short stories up your sleeve to let your achievements speak for themselves.
3. Work the room; If you are going to an event, remember that the purpose of the event is to circulate among people. Don't be embarrassed about moving on to the next person when the conversation is at a natural end.
4. Don't forget to follow up; Good manners and follow-ups are critical for networking and are often overlooked. Keep in touch through social networking media, or drop them an occasional friendly email telling them how you are getting on.
Banks are to disclose all offshore account information to HMRC
The Tax Chamber of the First-tier Tribunal have today ordered over 300 banks to give details to HM Revenue & Customs (HMRC) about their customers who hold offshore accounts. HMRC can now issue the information notices to banks ahead of the New Disclosure Opportunity (NDO).
Under the rules of the NDO, people who make a complete and accurate disclosure will qualify for a 10% penalty. Those who choose not to take this opportunity and are subsequently found to have undeclared tax liabilities are likely to face a 30% or higher penalty and also run an increased risk of criminal prosecution.
Story link: http://www.whitehallpages.net/print.php?sid=224106
------------------------------------------------------
Lending to “non financial” business slumps £14.7bn
Despite Government threats, the UK’s banks continue to reduce their lending to businesses outside the financial sector. According to Bank of England figures, lending to “non-financial corporations” plummeted by a record £14.7 billion between April and June, compared with the previous three months.
Story link: http://www.bankingtimes.co.uk/05082009-lending-to-non-financial-business-slumps-147bn/
-------------------------------------------------------------------
New model contract for public sector ICT procurement
The Office of Government Commerce (OGC), in conjunction with its delivery partner Partnerships UK, has published an enhanced version (V2.3) of the Information Communication Technology (ICT) Model Services Agreement and Guidance for major or complex ICT enabled business change projects. The free-to-use solution includes significant updates in the key areas of financial distress and security management.
The new ICT Model Services Agreement and Guidance (V2.3) are available at: http://www.partnershipsuk.org.uk/ictguidance/index.asp
Company directors are being urged to be cautious when applying for company loans, says leading Midlands law firm Higgs & Sons, who have issued a plea for bosses to be wary of entering into personal guarantee arrangements in order to secure corporate borrowing. They warn that borrowers should seek professional advice before going ahead with a loan or funding arrangement to ensure that the risks and liabilities are fully understood and can be weighed up against the commercial benefit of the loan.
The main reason is that many people are not aware that personal guarantees can be enforced against the guarantor's estate on death and that personal guarantee usually contains an all monies clause. This means that when a director's company enters into future facilities, the same guarantee will still apply.
Another common misconception amongst directors is that if the guarantee is capped at a specified amount, there will be no excess charges imposed. On the contrary, many guarantees can often force the guarantor to pay interest and also any legal costs and expenses associated with enforcing the guarantee.”
Business Plan checklist
By going through the business planning process you'll ensure you understand yourself, your competitors and your customers' needs better. This will enable you to put the right strategies in place to maximise your financial results. In essence, there are four main reasons for business plans:
1. Explain your plans to yourself and others
2. Persuade a third party to provide resources or assistance
3. Guide your strategic thinking on what and how you are trying to achieve
4. Set financial targets to help you forecast sales & control costs
What to keep in mind? ...read more....
How to get better at networking
Networking can be difficult, even daunting, for many people who otherwise have no problem with simply chatting to people. Here are 4 tips on how to make it more fun:
1. I won't know anyone; We live in a networked age and most of us are connected to more people than we realise. Take 10 minutes to write a list of work colleagues, industry contacts, friends, family, college alumni... you may surprise yourself.
2. Don't self-promote; Networking is about selling yourself, but don't sound like a salesman. Instead, show how good you are by having a few short stories up your sleeve to let your achievements speak for themselves.
3. Work the room; If you are going to an event, remember that the purpose of the event is to circulate among people. Don't be embarrassed about moving on to the next person when the conversation is at a natural end.
4. Don't forget to follow up; Good manners and follow-ups are critical for networking and are often overlooked. Keep in touch through social networking media, or drop them an occasional friendly email telling them how you are getting on.
Banks are to disclose all offshore account information to HMRC
The Tax Chamber of the First-tier Tribunal have today ordered over 300 banks to give details to HM Revenue & Customs (HMRC) about their customers who hold offshore accounts. HMRC can now issue the information notices to banks ahead of the New Disclosure Opportunity (NDO).
Under the rules of the NDO, people who make a complete and accurate disclosure will qualify for a 10% penalty. Those who choose not to take this opportunity and are subsequently found to have undeclared tax liabilities are likely to face a 30% or higher penalty and also run an increased risk of criminal prosecution.
Story link: http://www.whitehallpages.net/print.php?sid=224106
------------------------------------------------------
Lending to “non financial” business slumps £14.7bn
Despite Government threats, the UK’s banks continue to reduce their lending to businesses outside the financial sector. According to Bank of England figures, lending to “non-financial corporations” plummeted by a record £14.7 billion between April and June, compared with the previous three months.
Story link: http://www.bankingtimes.co.uk/05082009-lending-to-non-financial-business-slumps-147bn/
-------------------------------------------------------------------
New model contract for public sector ICT procurement
The Office of Government Commerce (OGC), in conjunction with its delivery partner Partnerships UK, has published an enhanced version (V2.3) of the Information Communication Technology (ICT) Model Services Agreement and Guidance for major or complex ICT enabled business change projects. The free-to-use solution includes significant updates in the key areas of financial distress and security management.
The new ICT Model Services Agreement and Guidance (V2.3) are available at: http://www.partnershipsuk.org.uk/ictguidance/index.asp
| · | Home |
| · | About Us |
| · | Meet the Team |
| · | Contact Us |
| · | Testimonials |
Main Menu
Services
Shopping cart
| · | SME Newsletter |
| · | News Archive |
| · | Events |
Events & News
Terms & Policies
Resources
Entelliz Weekly Newsletter - Week 33, 2009
|
Copyright Entelliz Limited 2007-2009, all rights reserved
Entelliz Limited, 1 Euston Road, London, NW1 2SA, UK
Phone: 08450-56-96-36
Email services@entelliz.co.uk with questions or comments about this site
DID YOU KNOW?
READ ALL ABOUT IT
WEEKLY BUSINESS TIP
TOP STORIES of the WEEK
READ ALL ABOUT IT
WEEKLY BUSINESS TIP
TOP STORIES of the WEEK
Subscribe to SME Newsletter
Pitch to Win
Business Pitch Competition with expert judges, valuable prizes for your business and mentoring feedback for all entries!
Our judges are: Bill Morrow, Founder-Director of Angels Den; Richard Cook, Investor and serial entrepreneur; Dr Aniko Zagon, Director of Entelliz Limited
Closing date for submissions: 14 September
Live final: 6.30pm, 28 September
For full details go to: http://www.meetup.com/startup-fasttrack/calendar/10723535/
Business Pitch Competition with expert judges, valuable prizes for your business and mentoring feedback for all entries!
Our judges are: Bill Morrow, Founder-Director of Angels Den; Richard Cook, Investor and serial entrepreneur; Dr Aniko Zagon, Director of Entelliz Limited
Closing date for submissions: 14 September
Live final: 6.30pm, 28 September
For full details go to: http://www.meetup.com/startup-fasttrack/calendar/10723535/