HMRC Compliance Checks – Furlough Claims Overview Thankfully, it’s been a while since the word “furlough” was mentioned in almost every other sentence. However, the issues arising from employers making furlough claims during those lockdown periods has, over the past few months become a political issue, with many references in the media to the amount […]
HMRC Preferential Status Restored
The status of HM Revenue & Customs as a preferential creditor has now been restored following legislation enacted in the Finance Bill 2020. This particular aspect of the Finance Bill became effective from 1 December 2020. For many years prior to this, HMRC had simply been ranked as an ordinary unsecured creditor, ranking equally with […]
Briefing Note Entrepreneurs’ Relief
Budget March 2020 As you are aware, the Chancellor will be delivering his first post Brexit budget on 11 March 2020. We understand from various discussions that we have had recently with reasonably well informed individuals that there is the very real possibility that the Government will look to reduce the limit for Entrepreneurs’ Relief […]
Services for Accountants
When a business encounters financial problems it is often the accountant that is the first port of call, or it may be the accountant or bookkeeper that realises that a problem is developing. As insolvency practitioners for accountants, who will often need our services to support their clients when a serious financial problem arises. One […]
Support for Startup Company Directors – Starting Out and Coping with Subsequent Hiccups!
Regulatory compliance issues such as tax, health and safety and pension provision, place an ever increasing intrusion on directors’ time which can sometimes lead to the eye being taken off the ball on the things that really matter – financial management. Running your own company can be a stressful experience at times, especially with the […]
Help – My Company is Struggling to Pay Suppliers
One of the most obvious signs that your company has, or is about to face a cash flow problem is when your sales income is insufficient to cover your operating costs. An obvious statement, but a position that most companies find themselves in by not planning ahead and by not regularly monitoring the company’s finances. […]
What is Insolvency?
Let’s get the technical stuff out of the way first and then look at the practical implications and issues affecting insolvent companies and its directors. The technical definition of insolvency is “the inability to discharge your liabilities as and when they fall due for payment”. That applies to both individuals, partnerships and limited companies. The […]
Dealing with Pressure from Creditors
Undoubtedly, at some time, most companies will experience some kind of financial problem that will lead to directors experiencing stress! How you deal with those problems determines the future of your business. Initially the problems with creditors start once your own cash flow prevents you from making the payments that the creditor expects – this […]
Insolvency Services – what do Insolvency Practitioners do?
To some, the work of an Insolvency Practitioner is clouded in mystery. In this brief article we’ve attempted to highlight exactly what Insolvency Practitioners do, how they get paid and what they charge. Insolvency services provided by an insolvency practitioner are generally quite varied and will usually cover all aspects of financial restructuring and formal […]
Placing a company into Administration
Directors running limited companies that have financial difficulties are usually more than sufficiently stressed out, without the worry of having to learn all about the Administration process. Although fairly complex, we have set out below a summary of the key issues that we are regularly asked together with our reasonably simplified explanations. What is the […]