What is Invoice Financing?

invoice-financingInvoice financing is no doubt a favorite option used by business owners to raise their needed cash and capital for their varying operational needs. Despite its popularity and wide usage, there are entrepreneurs who still feel confused about it and much of the general public does not even know that such a thing exists. Luckily, the team at Working Capital Partners has the following facts and details ready for us to peruse to answer whatever question runs through our heads.

Per definition, invoice financing is a type of third party finance where the provider agrees to buy a company’s unpaid invoice or group of invoices in exchange for a certain fee. There are two main types to it. The first is called factoring while the second is referred to as discounting.

In factoring, the responsibility of collection from the unpaid invoices is passed on from company to financial provider where the latter performs all the tasks required to collect from the owing customer. Moreover it pertains to the sale of an asset since the right to collect is sold to the financer in exchange for the amount of cash advanced.

Discounting on the other hand leaves the task of payment collection to the company. Plus, it acts akin to a loan albeit it does not have the same ties as it does not involve collateral and interest. The amount allowed to be taken out will only be equivalent to the value of the invoices which will act like collateral. Upon collection, the company is responsible to pay back the financial provider with the amount advanced plus fees.

What makes invoice financing tick is the very fact that it does not have the usual consequences or effects that most forms of credit bring about. It does not involve property collateral so there is no risk of foreclosures. There are also no interests involved. Plus, it does not show up in the company’s books as a liability or debt but rather a decrease in trade receivables accompanied by an increase in cash. This makes the company more attractive to investors.

Moreover, invoice financing helps hasten up collection and receivable turnover. The entity’s cash flows are also improved by freeing the locked up cash within unpaid customer receivables and invoices. Furthermore, the process of application to approval is pretty fast unlike traditional financing methods making it a viable option for emergency needs and expenditures.

All of these, according to Working Capital Partners, are only some of the many reasons why invoice finance is a favorite among many entrepreneurs today.

What are SELT Centres?

Study for SELTIf you are applying for a UK visa then visiting one of the many SELT centres should be on your priority list. Why so? Allow us to explain in detail as you read on below.

SELT is basically an abbreviation for the Secure English Language Test. This pertains to a number of English exams that the UK Visas and Immigration or UKVI accepts as proof of an applicant’s proficiency with the language. An example of such exam would have to be the IELTS that stands for International English Language Testing System. THE UKVI sets a required level of English proficiency and if this cannot be met, the UK visa application will not be granted.

It is to be noted that not all visa applications are the same so you may not be required to take the same exams. It is best that you inquire first before taking any of the available Secure English Language Tests. Now, if the visa you’re applying for requires that you do so, be sure that you check the list of approved SELTs and SELT centres that meet the requirements of the Home Office.

The UK Visas and Immigration office has released a set of approved Secure English Language Test and test centres which have already been examined and assessed to have met the Home Office’s requirements as of April 6, 2015. Other approved SELT types apart from the IELTS include the Integrated Skills in English, Graded Examinations in Spoken English and the IELTS Life Skills.

There are many SELT approved centres all over the world. In the United Kingdom alone, providers include the Trinity College London and IELTS SELT Consortium. Trinity College London has ten centres namely in Belfast, Birmingham, Cardiff, Glasgow, Leeds, Hammersmith Grove London, Kingsway London, Manchester, Newcastle and Peterborough. The IELTS SELT Consortium also has ten in Basil Paterson College Edinburgh, Ealing Hammersmith & West London College London, London Metropolitan University London, Anglia Ruskin University Chelmsford, University of Ulster London, Joseph Chamberlain 6th Form College Birmingham, Connell 6th Form College Manchester, Cardiff and Vale College Cardiff, Highbury College Portsmouth and Belfast Metropolitan College Belfast. These two providers make up for twenty of the total permanent centres in the UK.

Many other SELT centres have been provided and assigned in hundreds of countries all over the globe. Be sure that you check them out with the UKVI should you not be taking the tests in the UK.

Vital Resources to Acing the Life in the UK Test

English academy schoolThe United Kingdom is no doubt a promising country. It is a potluck of people from varying races and places. It has a thriving economy and is one of the biggest financial hubs in the world. The tourism is no doubt a huge aspect too. There is so much to love about the UK which is why it does not anymore come as a surprise that many people would wish to reside or stay indefinitely. Some would even want a citizenship! If you are one of these people then you must know that part of the application process requires you to pass the Life in the UK Test.

Apart from proving your English skills through the B1 Citizenship Exam or the A1 Visa Test, one is also expected to have ample knowledge, understanding and appreciation of the British way of living, as the name of the examination suggests. The Life in the UK Test tackles quite a broad set of categories that include government, employment, economy, history, culture, traditions, values and education to name a few.

The exam runs for a full duration of forty five (45) minutes and is composed of twenty four (24) questions, at least eighteen (18) or seventy five percent (75%) of which must be correct to garner a passing score.

If you want to ace the Life in the UK Test then you better gear up and study. We suggest the following resources to help you out.

1 – The Official Life in the UK Test Handbook

If you head on out to the official website of the UK government, this handbook is highly suggested and for a good reason. A lot of questions will be taken out from here so be sure to peruse it well.

2 – Textbooks and Genre Publications

If you need more information and a different point of view, various textbooks and publications are also available. Unlike the official handbook, these are available per genre instead of a compact piece.

3 – The World Wide Web

The internet is a huge information hub. You can study and prepare for your upcoming Life in the UK Test with it. A few relevant keywords on your search bar and you’d be brimming with resources to choose from. There are even websites that offer sample questions for you to practice on.

4 – Expert Help and Intervention

This one is not exactly a resource but more of a professional service. If you really want to gear up and make sure that you pass the Life in the UK Test then you may opt to hire professionals to prepare you aptly. There are several institutions like English Academy that cater to this should you need them.

What the Life in the UK Test is All About

You may have already heard about the Life in the UK test especially if you have applied for a British citizenship or an Indefinite Leave to Remain in the country. In that case you have to be suitably prepared and one way to do that is to get to know what the exam is all about to know what to expect and study on. Worry not because this article here is going to help you out on that.

As per definition, the Life in the UK test is administered by the UK government under its Nationality, Immigration and Asylum Act 2002 and is to be taken by individuals who wish to be a naturalized citizen or is applying for indefinite stay permission. It is to be taken within a forty five (45) minute duration wherein the examinee is required to get at least eighteen (18) out of twenty four (24) correct answers in order to pass. That makes for a passing rate of seventy five percent (75%) at the minimum. It aims to check how well the applicant knows about life in the United Kingdom alongside basic English proficiency given that it is administered in the language.

The government highly suggests applicants to study the official Life in the UK handbook where much of the exam’s questions will revolve around. The topics in the said handbook are quite diverse and below are only some of them.

  • life-in-the-UKGovernment
  • Laws and Regulations
  • Values and Religion
  • Customs and Traditions
  • Education
  • Employment
  • Housing and Basic Services
  • Leisure Activities
  • The Financial System
  • Population and Economy
  • History and Culture

One is required to book a test schedule for at least seven (7) days in advance for £50. There are over sixty test centers all over the country from where you can take the test. It is advised to choose one closest and most convenient to you as failure to arrive on time will hinder you from taking the exam. Furthermore, any rescheduling or refund is prohibited and you will have to wait out for another seven (7) days before you can book another one. That will also cost you another £50.

Remember that preparation has a huge bearing on your success with this exam so gear up and study! Good luck on your Life in the UK test!

Common Mistakes to Avoid When Taking Your B1 Exam

b1 examThe B1 exam is required to be taken by individuals who wish to apply for an indefinite stay or a citizenship in the United Kingdom. It aims to assess the examinees conversational skills and basic command of English particularly when it comes to speaking and listening. If you are about to take it then we suggest that you avoid the following mistakes at all costs so you can ace the test and succeed with flying colors.

1st Mistake to Avoid: Being a know it all.

Of course, flaunting your skills and proving your knowledge is a good thing but never be the annoying ‘know it all’ examinee. If a question seems unclear and you need a clarification, don’t be afraid to do so. It is better to ask upright rather than give an irrelevant answer. Avoid using slang terms and idiomatic expressions too. You might just end up misusing them.

2nd Mistake to Avoid: Not paying attention.

Listen and focus on what the examinee is saying or asking all throughout the exam duration. Remember that this is first and foremost a speaking and listening exam. Keep your mind from wandering off.

3rd Mistake to Avoid: Slouching and looking uninterested.

Technically, the way you look will not be tested because this is no job interview. But one should consider first impressions and you want to make the right ones so keep you back straight, your chin up and smile. Look alive.

4th Mistake to Avoid: Too much dead air.

The test is designed to revolve or appear like a conversation about various topics between the examiner and the examinee. Too much dead air is not good as it may imply lack of full understanding. There is also no harm in taking short pauses too as you think but don’t stretch them out far too long.

5th Mistake to Avoid: Coming unprepared.

Always approach the B1 exam prepared. This means that you have studied and brushed up on your lessons. It means you have practiced speaking and listening on your own and with the help of others to hone your skills. The biggest mistake is for you to come on the given exam date and treat it as a random internet personality quiz. Take it seriously because it is a requirement which can make or break your application for a UK citizenship or an Indefinite Leave to Remain.

Requirements and Procedures When Taking the Life in the UK Test

united_kingdom_lifeThe Life in the UK Test is a computer based exam which composes part of the requirements of an individual seeking naturalization or an indefinite leave to remain in the United Kingdom. This forty five minute examination composed of twenty four multiple choice questions aims to assess and examine the taker’s knowledge regarding British life as well as their English speaking comprehension.

Several categories form part of the test which include but are not limited to history, culture, traditions, values, government, employment and society. To pass, one has to score at least eighteen correct answers or seventy five percent.

To take the Life in the UK Test, one will have to get the following requirements ready and prepare for the procedures as follows.

First you will have to book the test for at least seven days in advance. There are about sixty testing centers spread out all over the country. You are free to choose which one so you can schedule it on the center nearest you for convenience. Prepare to provide your working and current email address, an identification card and a credit or debit card. Be reminded that the exam will cost you £50.

There are only a limited number of accepted forms of identification which includes a passport, an EU identity card, a biometric residence permit, a full or provisional UK driving license, a convention travel document, a certificate of identity document, a stateless person document and an immigration status document endorsed with a UK residence permit on a passport with a photo.

During the exam, also be reminded to bring the same identification card you’ve used for booking the test as well as a proof of your address bearing your complete name and postal code. Examples of the latter would be bank statements, utility bills, a letter from your office, UK driving license and council tax bill. It is imperative that you bring these or else you won’t be allowed to take the exam. Should that happen, you will not be allowed to reschedule or even get a refund.

Upon successfully passing the exam, you will get one notification letter which will have to be submitted for your naturalization or indefinite leave to remain application. On the other hand, should you fail your Life in the UK test, you can still retake it but you will have to wait for the seven day interval required.