Chapter 14: Business debts1. IntroductionGiving advice to self-employed clients2. Types of small businessSole tradersGiving advice to a sole traderIf a client is still tradingIf a client has ceased tradingPartner in a business partnershipGiving advice to a business partnerIf a client is still tradingIf a client has ceased tradingDirector of a limited companyGiving advice to a director of a limited companyIf a client is still tradingIf a client has ceased tradingMember of a limited liability partnershipClient with a franchise agreementMember of a co-operative3. Stages of debt adviceCreate trustList creditors and minimise debtsList creditorsMinimise debts by ceasing to tradeBusiness assetsLease agreementsDebts owed to the businessAssets owned by the businessIf a client is trading as a partner in a business partnershipMinimise other debtsList business income and expenditureBusiness incomeBusiness expenditureMaximise incomeDraw up a financial statement for a self-employed clientSole traders and partners in a business partnershipDirectors of a limited companyDeal with priority debtsServicesNon-domestic rates (business rates)Tax, national insurance and VAT debtsIncome tax arrearsNational insurance contributionsValue added taxRent arrearsLandlord hypothecThe premises leaseOther leasesVAT debtsIncome tax debtsChoose a strategy for non-priority debtsBankruptcy and protected trust deedsBusiness debt solutions in ScotlandBusiness Debt Arrangement Scheme4. ChecklistChecklist