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Client Area
SMEs looking to raise finance have traditionally been tied to bank funding, but recently there have been significant changes.
Peer to peer (P2P) business lending is one new way of raising finance. It can be a direct alternative to a bank loan, and currently over 35,000 UK businesses have P2P loans, according to data published by the P2P Finance Association. Typically investors lend small parts of individual loans, with the online system making it easy for lenders to participate across multiple loans. Borrowers can access loans ranging from a few thousand pounds up to several million.
P2P lending platforms require online applications, each with its own qualifying criteria. Borrowers usually need a trading track record and would have to submit financial accounts. Whilst interest rates may be higher than bank finance, P2P can have the edge in terms of speedy decision-making.
There are safeguards and guidelines: the Financial Conduct Authority (FCA) regulates P2P. P2P loans can be held in a new Individual Savings Account – the ‘Innovative Finance ISA’ possibly making P2P even more attractive to lenders. Information on P2P lending and links to lenders is available at http://p2pfa.info
A lot has happened in CK over the past couple of months…
In early 2017, a UK company warned its employees about suspicious emails and how to deal with them.
The government’s much-publicised plans for Making Tax Digital for Business (MTDfB) have taken a radical new direction, giving businesses longer to get ready for change.
There are new data protection rules in the pipeline, and they’re likely to get a lot more publicity in the months to come. The new initials to look out for are GDPR.
The new Tax-Free Childcare scheme is now half way through its roll-out period.
An interesting tax case was heard before a First-tier Tribunal this year and has resulted in a victory for the taxpayer.
HMRC’s Making Tax Digital project is about to make inroads into the PAYE system.
Lifetime ISAs could be opened by individuals from April 2017 but it is only now that a reasonable number of providers exist. Are they the right thing for you, or if not you, your children?
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