How can I protect my business credit rating

As with your personal credit rating, your business credit rating should be something you consider regularly. A poor credit rating could impact your ability to raise finance, the credit terms you’re offered, or even the suppliers that will deal with you.

Here are some things you should consider:

Paint a positive picture – By delaying a dividend, or collecting payment early, you may appear to end the year in a slightly better financial position.

File your company accounts on time and in full – Whilst early filing won’t help much (apart from appearing well organised), filing them late has a substantially negative impact.

Limit credit applications – If you’re looking at funding, or applying for credit, make sure you discuss it with a funding expert. Not only will you waste time completing the forms, but you could be harming your credit rating with each application.

Avoid, or deal with any County Court Judgements – If you find yourself with a County Court Judgement try and clear it, or seek professional advice immediately. If someone is performing a credit check and a CCJ is on your record, they will be alarmed.

Keep one eye on your score – There are methods (some free), which allow you to review your credit rating and receive notifications when it’s impacted. We strongly recommend reviewing it each quarter, or before significant events, to ensure you’re presenting yourself in the best light.

Whilst your credit rating may not suddenly improve overnight, it’s something that should be on your agenda to slowly improve your rating.


This article is for general guidance only. It provides an outline, and may not include points which are important to your situation. You should not depend on this blog without taking advice based on the full facts of your case. The information given was correct at the time of publication.

DID YOU FIND THIS USEFUL?

Share it with your network:  

Want more great content?
Sign up to our newsletter

    Follow us

    Tweets by @CHW-accounting

    CHW-Accounting
    @chw-accounting


    Twitter: chw_accounting

    WHAT'S THE NEWS?

    Grab a biscuit and a brew and read our latest news.

    29 May 2024

    VAT bank details fraud

    by

    Reports have been circulating in recent weeks that taxpayers’ bank account details are being altered on the HMRC portal without their consent or knowledge. This in…


    Read more >

    1 May 2024

    Where VAT is concerned, size does matter – for...

    by

    HMRC has recently lost a long running case over the VAT status of giant marshmallows with the Upper Tribunal ruling that they are not confectionery! Innovative…


    Read more >

    1 May 2024

    HMRC phone lines remain open but waits get even...

    by

    Last month, HMRC announced that its self-assessment phoneline will close between April and September every year following a trial of the move in 2023. Less than…


    Read more >

    1 May 2024

    Tax relief on travel expenses if you are working...

    by

    HMRC has had clarified it’s rules on when tax relief is available on travel expenses for employees who work from home. With the growth of flexible…


    Read more >

    1 May 2024

    Check your State Pension forecast with new online tool

    by

    Anyone with gaps in their national insurance payments dating back to 2006 can now check online to see if they need to make additional contributions. The…


    Read more >

    YOUR CHALLENGES

    No matter what your challenge is, we’ve probably dealt with it before.



    Need an Accountant?

    Get in touch >


    Need an Accountant?

    Get in touch >


    Tax issues?

    Find out more >


    Tax issues?

    Find out more >


    Trying to grow your business?

    We can help >


    Trying to grow your business?

    We can help >


    Managing cashflow?

    We can help >


    Managing cashflow?

    We can help >


    Starting a business?

    We can help >


    Starting a business?

    We can help >


    Looking for funding?

    Need help with funding? >


    Looking for funding?

    Need help with funding? >


    Buying or selling a business?

    We can help >


    Buying or selling a business?

    We can help >


    Adopt the cloud?

    We can help >


    Adopt the cloud?

    We can help >


    What else can we do for you?

    We can help >


    What else can we do for you?

    We can help >
    CONTACT US

    Get in touch, no hard sell, just a brew, a biscuit and a chat.