Who Knows Best When Seeking Business Advice?
Should businesses consult solicitors, accountants, or insolvency practitioners? If your company faces financial issues, ignoring them won’t make them vanish. Problems tend to worsen when neglected. Prioritise seeking professional advice promptly is a crucial step for any company director. However it’s clear – you know you need advice; who to turn to for this, […]
My company is struggling financially: what are my options?
How can you save a struggling business and who can you turn to for help? All businesses experience financial ups and downs. Issues such as customers paying late, changes in demand, and the departure of important staff can have an impact. External factors like the COVID-19 pandemic, rising energy costs, and increased inflation have also […]
What Does Business Recovery Mean? Can my Company be Rescued?
Rescuing a financially distressed business Helping a struggling business get back on track involves terms like business rescue, recovery, and restructuring. There are various ways to do this, such as getting money for the business, reorganising how the company works and manages money, and getting official help from an insolvency expert. The Meaning of […]
HMRC issues: Fraud Investigation Service
What is the role of the HMRC Fraud Investigations Service (FIS) The HMRC Fraud Investigations Service (FIS) is a skilled team focused on uncovering tax evasion and fraud. Formed in 2015, it brought together two HMRC units – the Criminal Investigations Unit and the Special Investigations Unit – to create the FIS. What does the […]
What is a revolving credit facility for a UK company?
Could a revolving credit facility help your company? Revolving credit facilities share similarities with bank overdrafts and credit cards. They enable you to access funds whenever your company requires them throughout the agreement period. This credit facility is versatile, serving purposes like covering expenses such as wages, rent, and utilities. It can also be utilised […]
What is a Limited Liability Company?
What does limited liability mean for a limited company? Limited liability relates to how much a company director or shareholder is personally accountable for the debts of their business. Many business owners choose to incorporate as a limited company, rather than working as a self-employed sole trader, mainly because it offers crucial personal financial and […]
What is a HMRC Time to Pay Arrangement for VAT, Corporation Tax and PAYE?
What is a HMRC Time to Pay (TTP) arrangement? A Time to Pay (TTP) arrangement with HMRC is a payment plan that provides a company with additional time to settle their tax arrears. Generally, Time To Pay plans extend over approximately six months, although in specific cases, an extension of up to 12 months may […]
What are the powers of an HMRC field force officer?
How will an HMRC field force officer enforce payment of HMRC arrears? Failing to settle HMRC debts may prompt a visit from an HMRC field force officer, who will formally request payment. They will collect overdue tax either as a lump sum or in instalments. Non-compliance could lead to the right to seize company assets […]
What is a Gazette First Notice for Compulsory Strike Off?
What is a Gazette’s first notice for compulsory strike-off? The initial Gazette notice for the compulsory strike-off of a limited company signifies a creditor’s intention to remove the company from the register held at Companies House. After the company is struck off, it loses its status as a legal entity, requiring a permanent cessation of […]
What to expect from an HMRC visit
What’s the protocol when HMRC officers visit business premises? There are two types of visits HMRC officers can make to your business premises: arranged visits and unannounced visits. In the course of an HMRC visit, you should anticipate officers requesting company records. Unless the visit is unannounced, they will inform you of the specific accounts […]