Reply to: Commercial Loans

[TechRiskPartners]

Fair Challenge

I’ve seen such promises in the past, some work as you say above, some go pear shaped soon when the CFO try’s to sign off £20K expenses without a contact or setup new suppliers without proper procedure etc

All you have at the moment is a promise from friends (probably playing the big man to impress)



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Agree, Fair Challenge. I am looking for some fall back plans in case things doesn't go as per plans. Plenty contracts available in areas of IT Audit, SOx work and Controls Transformation, what I primarily do. Thanks indeed for the comments.

[GhostofTarbera]

Mostly Yes, I am an Adviser so I don't work full-time for any Clients now and I will not be working full time in future either. Most of Clients (a lot of FTSE100 and equivalents) will continue working with me and we will sort T&C in June as my LWD is 28 June and I will kick off myself not before 9 July 2019. A risk I agree, but I am talking to CFO/Finance Controller/Chief Risk Officer so I count on them (hopefully?) as I had known them very well (including their Families TBH) for last 4-5 years at least. Making sense or I am going into a wrong territory?

Thanks for pointing out indeed.

I’ve seen such promises in the past, some work as you say above, some go pear shaped soon when the CFO try’s to sign off £20K expenses without a contact or setup new suppliers without proper procedure etc

All you have at the moment is a promise from friends (probably playing the big man to impress)



Sent from my iPhone using Contractor UK Forum

[northernladuk]

Can't see much good coming out of all this. If you've got an accountant try speaking to them first. All this trickling information is useless

Or inneresting...

[TechRiskPartners]

Very Good Question

Pay them personally and just expense them back when you've been paid. Its not rocket science.

B2B payment terms can be anything up to 90 days. How can you have work lined up if you haven't agreed terms? Just a promise?

Mostly Yes, I am an Adviser so I don't work full-time for any Clients now and I will not be working full time in future either. Most of Clients (a lot of FTSE100 and equivalents) will continue working with me and we will sort T&C in June as my LWD is 28 June and I will kick off myself not before 9 July 2019. A risk I agree, but I am talking to CFO/Finance Controller/Chief Risk Officer so I count on them (hopefully?) as I had known them very well (including their Families TBH) for last 4-5 years at least. Making sense or I am going into a wrong territory?

Thanks for pointing out indeed.

[TechRiskPartners]

Accountant

I assumed from that question he hadn't got one TBH

Nope, I got one however his fees are negligible comparing to my expenses. Even in my full time role now (similar), I incur expenses in excess of £5K per month at least, so a bit worried about what will happen in future and how I can afford the outstanding payments.

Is it worth considering some initial business loans may be? I have very little savings (house and little one's private school took most of it) and partner has decent monthly earnings (a little over £3K) and just £15K in ISA.

Thanks

[northernladuk]

Pay them personally and just expense them back when you've been paid. Its not rocket science.

B2B payment terms can be anything up to 90 days. How can you have work lined up if you haven't agreed terms? Just a promise?

[TechRiskPartners]

Expenses

Stick some of your money in. Your accountant will deal with it as a directors loan and you just pay yourself it back when you've got the funds.

What do you envisage you'll need money for?

Mostly paying expenses - I have 2 Clients line up - 1 in Amsterdam and 1 in Sharjah, so I envision 1 weekly trip to Amsterdam and 1 monthly (agreed 2 days / per month) to Sharjah. BA Business Class flights to Dubai can cost a fortune. How is payment terms with Clients usually? Can you negotiate? As am starting I don't want to haggle but setting some good foundation stone would be good for both side and I need some money too, don't I?

Thanks

[northernladuk]

Paying for the accountant perhaps?

I assumed from that question he hadn't got one TBH

[Lance]

Stick some of your money in. Your accountant will deal with it as a directors loan and you just pay yourself it back when you've got the funds.

What do you envisage you'll need money for?

Paying for the accountant perhaps?

[northernladuk]

Hi

Newbie so should be excused from silly questions. I have applied for Natwest Business Bank Account and Amex Gold Charge Card. Do I start with a blank account or top up with some personal money or get a small personal business loan to start with?

Don't have a warchest unfortunately. Thanks

Stick some of your money in. Your accountant will deal with it as a directors loan and you just pay yourself it back when you've got the funds.

What do you envisage you'll need money for?

[TechRiskPartners]

Initial Money in Business Bank Account

Hi

Newbie so should be excused from silly questions. I have applied for Natwest Business Bank Account and Amex Gold Charge Card. Do I start with a blank account or top up with some personal money or get a small personal business loan to start with?

Don't have a warchest unfortunately. Thanks

[greenlake]

To be honest, if you can marry the shovel with a sledge we've got a winner. Dragons Den here I come!

Like this, you mean....?

[MarillionFan]

Is that the slogan for your new product line....?

To be honest, if you can marry the shovel with a sledge we've got a winner. Dragons Den here I come!

[greenlake]

You can't shift tulip with a shovel?

Is that the slogan for your new product line....?

[MarillionFan]

What are you trying to say?

You can't shift tulip with a shovel?