Raising finance for your business

Raising finance for businesses can be challenging to say the least. If you are thinking of expanding your business, or starting a new one, you will probably need to raise finance. This requires careful planning and good professional advice. It is generally wise to seek financing from a number of finance sources. This will give you greater prospects of funding and flexibility in the long term. Some of the more common sources are:

  • Overdraft
  • Loan
  • Mortgage
  • Selling an interest to a partner
  • Share issue for your company
  • Hire purchase
  • Leasing
  • Debt factoring
  • Assistance from government-backed schemes
  • Venture capital
  • Business angels

It is important to do a comparative study of the costs of each possibility, and also consider any tax implications before making a final decision about who to approach. This is an area where we have considerable experience, networks and expertise.

Most lenders will require some form of security. No amount of security will make a bad plan good, but it does demonstrate commitment from your side and provide insurance for the lender. As one banker recently said 'If they're not prepared to take a risk, why should we?' Generally acceptable forms of security include:

  • Charge over a specific asset or class of assets e.g. car / debtors
  • Fixed or floating charge over your business assets
  • Second mortgage on your home
  • Personal guarantees

Again, you might consider using more than one form of security. If the lender requires personal guarantees you should proceed with great caution. Try to ensure that any such guarantees are limited in amount, if not in time. You will almost certainly be required to present a comprehensive and convincing business plan to show how you are going to service the loan. In essence, this must demonstrate that you will be able to meet the new commitment through sustained growth in your business.

In all three areas - choosing a finance source, securing the finance, and preparing a business plan - you will benefit greatly from our professional advice. Why not arrange to meet with us and take advantage of our in-house expertise and extensive network of contacts? We might even be able to help you refinance your existing commitments to your advantage.

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SJD Accountancy

SJD Accountancy are the UK's largest specialist provider of fixed fee, Limited company accountancy services to contractors; we've been acting for contractors across the UK since 1992 and have more than 15,000 clients.

We are the only national specialist firm of contractor accountants with offices nationwide. SJD Accountancy has more qualified staff than any other firm in our market with qualifications from the following major tax and accountancy bodies - ATT, AAT, CTA, ACCA, CA, ACA and FCCA.

  • Unlimited face to face meetings. This is a unique service only SJD Accountancy offers - unlimited face to face meetings across the UK - tax is complicated and sometimes only a meeting will do.
  • UK's largest contractor accountants with more qualified staff. No call centres, no outsourcing, no automated call handling. Simply telephone, email or meet your own dedicated accountant face to face.
  • Money back service guarantee. All your Emails received by 4pm on any normal working day will be answered the same day. Should it be necessary to leave a telephone message it will be answered same day/following day latest or we will make a full refund of that months fee.
  • Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market, including: Best Accountant for Contractors, Accountant of the Year and Best Professional Service Team to name just a few.
  • All inclusive low cost fixed fee accountancy package which includes completion of accounts*, payroll bureau, dividends and corporation tax computations, personal taxation, free bookkeeping software, your own dedicated accountant* and all company returns for a fixed fee starting from £120 plus VAT per month. Check our packages for more detail.

If you have any questions about contracting or would like any further advice please call our new business team on 01442 275789 or email: newbusiness@sjdaccountancy.com. Our new business team is open Monday to Thursday (8am to 8pm), Friday (8am to 7pm) and Saturday (10am to 4pm)

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again.

Form your own limited company with SJD - our same day online company formation service includes company bank account set up, VAT/PAYE registration and advice on optimum share structure. 

You may also find the following pages, guides and case studies useful:

*If you would like us to complete your company year end accounts we simply ask that you have been a client of SJD for one year or have made 12 monthly payments. All accountants are part or fully qualified.