<p>A creditor is an individual, company or entity that has provided goods or services to a business and is owed money. In the <a href="https://www.goforma.com/small-business-accounting/what-is-balance-sheet-profit-loss" target="_blank">balance sheet</a>, a creditor may be listed under the current liabilities or long-term liabilities section.<br></p>
What are Creditors?
Creditors are individuals or businesses that are owed money by your company for goods or services provided on credit. Understanding what are creditors is essential for UK business owners as they represent your outstanding debts that must be managed carefully for healthy cash flow and compliance with Companies House filing requirements.
Written by Jordan MaceyAAT
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Our small business accounting guide walks through absolutely everything you need to know if you're considering starting a limited company. From different taxes, limited company advantages/ disadvantages, how to pay yourself, and what your key filing requirements are.
- When to register a Ltd company
- When to register for VAT
- How to take money out of your company
- Dividend tax rates
- Limited company expenses & corporation tax
- Annual accounts and deadlines
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