April 19, 2018 · Loan Agreements · (No comments)

By Andrew Baker

Establishing a business requires huge amount as businesses demand expenditure on various fronts. It is not easier for every business person to arrange required finance from own source and therefore secured business loans become inevitable. Lower interest rate and other easier terms-conditions have made secured business loans popular options for business people.

Secured business loans are offered to business people depending on the type of their business. Business persons can utilize secured business loan for various purposes. One who intends to start a new business, secured business loans can serve in buying raw materials, machinery and even for procuring a piece of land for setting a manufacturing plant or a factory. In case secured business loans are required for existing business, the loan can be utilized for buying additional raw materials and machinery. The loan also can be used in paying staff salary. Previous debts are also paid on taking the loan.

Secured business loans are provided on taking any of the business person’s property as collateral. The property may be residential or commercial. With collateral in place, the lender can offer any amount of loan. The borrowings depend on equity in collateral. Higher equity in home or any property enables in taking greater secured business loans. Because the loan is fully secured, lenders can easily offer secured business loans at lower interest rate.

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Lenders provide secured business loans for larger repayment duration.

Secured business loans can be comfortably paid back in 5 to 30 years. This means the business person has ample time for establishing business. All he has to ensure is that installments of secured business loans are paid regularly. Since the loan is usually spent in various works of business, there may not be much amount left with the business person. So for paying off installments the business person must have extra source of income or the business must start generating income immediately. Lenders also would like to ensure that the borrower has enough income at hand. Secured business loans are given without many enquiries to bad credit business persons. This is because in case of payment default, still the loan can be recovered on selling the borrower’s property.

Prior to applying a lender, compare different secured business loans providers for individual interest rates and terms-conditions. Prefer applying to online lenders for fast approval of the loan.

Secured business loans are cheaper source of much required finance for business persons. Make sure that the loan installments are paid back regularly for avoiding debts.

About the Author: Andrew Baker has done his masters in finance from CPIT.He works for the LoansFiesta for any type of loans as Secured business loans, Unsecured debt consolidation loans, secured personal loans in uk please visit loansfiesta.co.uk

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March 2, 2018 · Loan Agreements · (No comments)

3 Basic Steps to manage Accounting for Private Doctors & Medical Practices

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Cathy LAccounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting the information in various reports and analyses. Accounting is also a profession consisting of individuals having the formal education to carry out these tasks.Calculate your expenses;Know what is an expense in your industry; this can include; RentClinic Equipment Operating cotsTravel expensesBy setting up your business expenses accordingly and not interfering them with your personal expenses, you will be able to keep your overall tax amount considerably lower.Tax law says that an expense is allowable for tax if it is incurred ‘wholly and exclusively for the purposes of the trade’. If an expense is incurred for more than one purpose, i.e. business as well as personal use, a deduction for any identifiable proportion of the expense which is incurred ‘wholly and exclusively for the purposes of the trade’ is allowable. We have set out some of the types of expenditure that may be allowable. It should not be seen as an exhaustive list. What is allowable depends on the facts in each case.Organize an adequate Payroll system:When managing your own clinic, it is important to understand the legal requirements of employee taxation. You must register every employee to PAYE through HMRC to collect Income Tax and National Insurance from employment if your employees are paid 113 or more a week. It is also essential to keep payroll records of these employees.Small businesses, including payroll for GP surgeries that do not have an internal facility, will require to set up a system in order to pay workers, keep things organised and running smoothly. Larger companies may prefer to outsource the complete payroll service rather than employ specialist staff.Setting Up Your Business: When first setting up your company, it is important to have an understanding of the different structures this may include as this in the future and throughout your career is going to affect your tax. Here are 3 most popular business structures in the UK: Private Limited Company (Ltd) – This is the most popular to the limited liability, potential tax advantages Liability of the shareholders is limited to their investment. The personal assets of a shareholder are not affected if the company is dissolved.Public Limited Company (PLC)Legal entities in their own right. Opposite from a private limited company, the shares of a PLC can be traded in the public market and this is often used to raise finance.Limited Liability Partnership (LLP)Similar to a traditional partnership and also has limited liability. This structure is profit driven and is generally the most popular choice of law and accountancy firms.We specialise in Accounting for dental practices, doctors, and other private clinics. For any more information or advice to help your business or career visit our site at https://www.medicaccountants.co.uk

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