Common Issues for Directors of Businesses in Troubled Waters
Rest assured you are not the only director of a business that finds itself struggling to get back on its feet following the impact of the Covid lockdown(s) on you and your customers. If your business is underperforming it is easy for problems to start spiralling out of control and it is crucial to get […]
What is the impact of new HMRC legislation on directors of an insolvent company: joint and several liability notice
In our experience, few people set out to run an insolvent business and, whilst HMRC recognises that the majority of insolvencies are for genuine financial circumstances, they are not turning a blind eye to those individuals who are looking to set up a phoenix company to rise from the flames of an insolvent estate merely […]
Directors of phoenix companies could find themselves personally liable
HMRC are looking to come down hard on individuals/directors of businesses who have run up tax liabilities in a business and are looking to avoid paying the liability by placing the company into an insolvency procedure (i.e. an insolvent liquidation) whilst setting up the same/similar business (a phoenix that rises from the flames of the […]
HMRC is looking to crack down on directors who repeatedly offend
Where an individual has been connected with repeated insolvent companies in the same or similar business sector, with outstanding amounts owed to HMRC, then HMRC is looking to crack down on directors who repeatedly offend and take action against those concerned personally. HMRC is looking at individuals who have run up tax liabilities in a […]
Directors need to tread carefully to avoid personal liabilities
Author: Stan Coltman Any business can have a financial problem and no business is immune from the impact of recession and to think otherwise is both short sighted and naïve. Those businesses that will survive need a route map (aka a business plan) to know where they are and where they are going. By knowing […]
Calling All Suppliers
When was the last time you looked at your supply contracts and the terms and conditions contained within them? Now may be a good time to have a review in the context of Section 233B into Insolvency Act 1986 (“233B”) as the exemption for small entities expires on 30 September 2020. (233B (15)). 233B relates […]
Don’t mention the “Z” word…
Shaun of the Dead came to terms with the reality of the zombie apocalypse and grappled with all of his responsibilities before leading his friends to what he felt was the sanctuary of The Winchester. In the same way that Shaun didn’t want to mention the “Z” word for fear of hoaxing their position, directors […]
Does your company owe money to the taxman?
With the widespread disruption to businesses caused by COVID-19 and the lockdown, HMRC have both extended and relaxed some of the rules on eligibility for time to pay arrangements. A time to pay arrangement allows a company to pay their HMRC debt in monthly instalments, usually up to a 12-month period. Although, depending on your […]
New Insolvency Legislation to assist struggling businesses through COVID-19
As the Government eases the restrictions on businesses and the country starts to return to work, directors of UK businesses up and down the length and breadth of Great Britain are feeling the pressure and affects on their companies, redirecting cash flow after such a lengthy lockdown. We are receiving numerous enquires from directors who […]
Coronavirus: Should I put my company into liquidation?
Over the past week, we have taken a number of calls from concerned directors asking us: should I put my company into liquidation? My Insolvency are non-appointment taking insolvency firm and our initial thought is always: can the business be saved? Whilst we are still waiting to see the specific terms, the suspension of wrongful […]
