Chapter 16: Business debts1. IntroductionGiving advice to self-employed clients2. Types of small businessSole traderGiving advice to a sole traderPartner in a business partnershipGiving advice to a business partnerDirector of a limited companyGiving advice to a director of a limited companyMember of a limited liability partnershipClient with a franchise agreementMember of a co-operative3. Stages of debt adviceCreate trustList creditors and minimise debtsList creditorsMinimise debts because of COVIDMinimise debts by ceasing to tradeMinimise other debtsList business income and expenditureBusiness incomeBusiness expenditureMaximise incomeCOVID helpStatutory sick pay refundsRecovery Loan SchemeAdditional Restrictions GrantDraw up a financial statement for a self-employed clientSole traders and partners in a business partnershipConsider any special tax rules that may applyDirectors of a limited companyDeal with priority debtsServicesNon-domestic rates (business rates)Non-domestic rates and COVIDRent arrearsCOVID: protections from recovery of rent arrearsThe premises leaseOther leasesVAT debtsIncome tax debtsCOVID help for self-assessment clientsChoose a strategy for non-priority debtsBankruptcy and individual voluntary arrangements