Business Money Advice
Struggling with business debt? The Business Debtline can help you get back on track.
We’ve teamed up with the charity Business Debtline. Their advisers have helped lots of our colleagues in the grocery industry get business and personal debts under control. So if you’re struggling, read on and find out some of the ways they can help you and your business get back on track.
Getting the right advice for your trading status
How your business is set up can affect how you deal with debt. Here’s a little more information on the three most common types of trading status, and links to dedicated Business Debtline pages:
You may be a sole trader if you’re an individual and you work for yourself. Being a sole trader means you’re personally responsible for debts built up through your business.
If you don’t pay them, creditors can take action which could put both your business and personal assets at risk.
Here is Business Debtline’s Sole traders fact sheet.
You could be in a business partnership if you run your business with at least one other person. We can help you look at the partnership’s income and outgoings to better understand how to deal with debts.
If a partnership can’t pay its debts, creditors can take action against an individual partner.
You’ll find more information in Business Debtline’s Business partnerships fact sheet.
If your business is set up as a limited company, it is legally a separate entity to you and any other directors and shareholders.
This means unless you have personally guaranteed company debt, you’ll only be individually responsible for business debts in exceptional circumstances.
For more information, read Business Debtline’s Limited companies fact sheet.
Contact Business Debtline
Dealing with debt can be overwhelming. But remember, you are not alone. The expert advisers at Business Debtline help over 100,000 self-employed people every year. If you need extra support to help tackle your debt, contact Business Debtline for advice and help on finding the best solution for you.
You can speak to an adviser over the phone or by webchat. For information on how to speak to an adviser, see Business Debtline’s contact us page.
If you’re based in Northern Ireland, you can find out more about business money advice here.