If your business is struggling with debt, seeking the right advice can make all the difference in turning things around. Fortunately, there are several free resources available in the UK that can help you understand your options, navigate financial challenges, and make informed decisions about the best course of action for your business.
Here’s a detailed guide to some of the best places to get free, practical business debt advice:
9 ways to get free business debt advice
1. Business Debtline
Business Debtline offers free, confidential advice to businesses and self-employed individuals. They provide expert guidance on dealing with creditors, negotiating repayment plans, and understanding your legal rights. You can contact them via phone or use their online resources.
2. Citizens Advice
The Citizens Advice website has useful information on business debt, insolvency, and financial management. Local branches may also provide one-on-one support.
3. The British Business Bank
The British Business Bank offers insights into managing business finances and accessing government-backed funding options. They don’t provide direct debt advice but can guide you to suitable support.
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It’s also a great place to explore funding opportunities that may help ease your financial situation.
4. Government-Backed Helplines
The UK Government provides free guidance on business finance through services like Business Support Helpline. You can call or email for expert advice on tackling debt and improving cash flow.
5. HMRC
If your business is struggling to pay tax bills, such as Self Assessment, VAT, PAYE, or Corporation Tax, HMRC may offer support such as Time to Pay arrangements. They can work with you to agree on a repayment plan for outstanding taxes, helping you avoid further penalties.
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It’s vital to contact HMRC early to discuss your situation.
6. Your Bank
Many banks offer free financial health checks or support services for business customers facing financial difficulties. They may help with restructuring loans, extending overdrafts, or offering tailored financial solutions.
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Speak with your business banking team or relationship manager as soon as possible to explore available solutions.
7. Local Councils
Some local councils offer business support services, including advice on managing debt, accessing grants, or finding local business mentoring schemes. Check your council’s website for available resources.
8. Accountants and Business Mentors
Some accountants and business mentors offer free initial consultations, giving you valuable insights into managing your business debt. Check local networking groups or online directories like Enterprise Nation.
9. Business Forums
Online business forums can be a great place to seek peer support and advice from fellow business owners who may have faced similar financial challenges. Websites such as UK Business Forums or dedicated LinkedIn groups can provide useful tips and shared experiences.
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While you should verify any advice received, forums can provide both emotional support and practical tips from others who have been through similar situations.
Take action early to protect your business
Debt issues can escalate if left unaddressed, so seeking advice as soon as possible is crucial. Whether you need help restructuring payments, negotiating with creditors, or exploring insolvency options, these resources can provide valuable support without costing you a penny.
If your business is facing financial difficulties, don’t wait! Seek expert advice to help navigate the challenges and get your business back on track.
This article is for general informational purposes only and does not constitute financial or professional advice. Always seek professional guidance before making any decisions.
