Northern Ireland’s private sector continued to grow in the third quarter of this year – it’s clear many businesses across the region are thriving. But some organisations continue to face a range of challenges from the unpredictable economic climate, to accessing available funding, to dealing with mounting debts, seeking advice from independent experts is crucial to remain resilient with the ability to continue trading.
Today (Oct 21) marks the beginning of Advice UK’s #AdviceSaves campaign, taking place during Advice Week, which puts a spotlight on the vital work carried out by organisations like Advice NI.
Sinead Campbell, Head of Money, Debt and Quality at Advice NI, explains, “There is often a misconception that businesses should already have all the information, knowledge and resources they need at their fingertips. There’s also a misconception that reaching out for debt advice, means an admittance of failure or weakness, and that the only option when you do so is to shut up shop, or enter insolvency. But in our experience, seeking business debt advice is often the lifeline a business needs to continue to thrive and grow. Our SME community is the backbone of the local economy and we’re proud to provide our services when businesses need us most.”
Accessing Available Funding
Sinead says, “As well as traditional lending options, there are a range of resources out there available to businesses from government/council grants to business rates relief. By making the most of these options, businesses can boost their levels of success. Lack of awareness is constantly presented by Enterprise NI as one of the key reasons businesses don’t access funding, but that’s where services like Advice NI come in. Alongside our expert team who can guide business owners towards suitable funding options, Invest NI also offers a range of tailored funding solutions for businesses to explore. We now have a draft Programme for Government 2024-2027, and the autumn statement is due to be delivered later this month – both of these will impact on the local business community.”
Tackling Business Debt
“At Advice NI, we have a dedicated Business Debt Service which is there to support limited companies, small businesses, partnerships or sole traders,” she explains. “Our service offers free and impartial advice and information including tailored business debt advice, budgeting guidance and solutions to tackle business debt. Our team can also negotiate with creditors on your behalf. Seeking advice in a challenging time is not a weakness, it is essential if you want your business to thrive.
“Advice NI has transformed outcomes for thousands of businesses. One sole trader with a business in the engineering field recently contacted the business debt team as he was notified of liabilities totalling more than £30,000 by HMRC. He had been issued a distraint notice which threatened to seize several of his assets to recover a portion of the debt.
“After receiving advice from Advice NI, the trader’s accountant amended and updated his trading returns, and the debt was reduced by almost £20,000. With further support from our Business Debt Advisers, HMRC agreed to cancel the distraint notice and cease recovery of his assets which allowed the business owner to make a small payment up-front and clear the rest of the debt over 12 months. He also discovered he was eligible for tax credits, he was unaware of before.
“Business owners can experience a huge amount of stress day to day, particularly when facing financial pressure, but as our case study shows, it’s important to seek advice from our Business Debt Team to alleviate these pressures.”
Advice UK’s first Advice Week will take place from Monday, October 21 to Friday, October 25, 2024 reminding households and businesses that #AdviceSaves.
Advice NI and the Independent Advice Network consist of 65 members and more than 300 advisers across Northern Ireland, all providing free, impartial and confidential advice.
Business owners can call 0800 915 4604 or email [email protected] to speak directly with a business debt adviser between 9am and 5pm, Monday to Friday or visit adviceni.net for more information.
