Credit Management

Tactics to ensure you have the right amount of cash when you need it.

Income and Drawings

Every year lots of profitable businesses go bankrupt because they don’t have cash at the right time. A good invoice system and easy to understand payment terms are key to healthy cash flow.

Invoice template

In order to save you time, and allow you to get on with what you do best, PCG has created an invoice template for members, which can be downloaded and used to send to clients.

Issuing invoices and cashflow

There are various ways of paying yourself (drawing money from your business), depending on whether you operate as a sole trader, partnership or limited company.

Budgeting for the unforeseen

As a freelance professional, you are largely responsible for “looking after number 1”, and in this article we set out some considerations for building in the necessary financial buffers and dealing with the unexpected.

Business Planning

When you embark on a freelance career learning to think like a business is one of the fundamental skills you need to acquire. Devising a business plan and scoping out the market are just a few things you should be considering.

Cashflow management

Good cashflow is vital. Many profitable businesses become insolvent because they need cash, not profit, to pay bills or loans.

Choosing a business bank account

One of the most common mistakes that small business owners make is to mix business and personal finances. Before charging any money to clients, you need a dedicated business bank account.

Choosing a Contractor Accountant

An accountant can take care of most of the additional work and responsibility associated with running a limited company.

Financial forecast spreadsheet

This spreadsheet can help you work out how much you need to earn in a year to break even, or to build a surplus. Enter in your estimated costs and how much you can realistically bill in fees to help your financial planning.

How to pay bills and expenses

When setting up your business bank account you should decide whether you need a card in the company name.

Income and Drawings

Every year lots of profitable businesses go bankrupt because they don’t have cash at the right time. A good invoice system and easy to understand payment terms are key to healthy cash flow.

Insolvency advice

Find out what procedures are followed when a company becomes insolvent.

Will writing

The lack of an up-to-date will can lead to a huge tax bill hitting your estate.

Mortgage advice

As a contractor you may find it difficult to secure the same level of borrowing and the high street mortgage rates available to permanent employees.

'Wholly & exclusively' rule is limited - HMRC

HM Revenue & Customs have finally published updated guidance on the position of tax relief relating to employer contributions into pensions, confirming the 'wholly & exclusively' rule will only be applied in limited circumstances.

2016 pension taxation changes: update from Mercer

The 2015 Summer Budget included changes to the tax relief available on pension savings from 6 April 2016. These changes mainly affect higher earners – especially those earning over £110,000 p.a.

Alternatives to traditional pensions

There are disadvantages with pensions, such as the lack of flexibility, management charges and the fact that you can take only 25% of all your pension arrangements as a tax-free lump sum.

Pensions advice

Most people reach a stage in life when they no longer have the option or the desire to work. Although there are many factors that affect the quality of life from that point, money quite often has the predominant influence.