7 UK Celebrities Who Went Bankrupt
Even celebrities aren’t immune to financial distress At the peak of their influence, they were among the biggest names in the UK, gracing our TV screens in soap operas, sports, music, and media. However, in a week where renowned actress Martine McCutcheon declared bankruptcy, it serves as a reminder that previous features on the cover […]
Bank calling in a Business Loan
Finding the perfect solution when a bank calls in a business loan: Know your options As the director of a business facing a bank’s decision to recall a commercial loan, you might be curious about their reasons for sacrificing interest income. Additionally, this action likely places your company in a financially vulnerable position, leaving you […]
Does a charity have to pay tax?
What tax treatment does a charity get? Charities don’t avoid all taxes, but they usually pay less tax than other groups. Charity tax is tricky, yet charities in the UK can get tax breaks and exemptions in specific situations. How can charities qualify for tax exemptions and reliefs? Does the charity need to be […]
Do business assets belong to me personally or my company?
Who do the assets of my company belong to? A limited company is seen as its own legal entity. This means it’s accountable for any debts it builds up and it legally owns all its belongings. Company directors can’t treat company assets, like bank cash, as if they were their own. Any money taken out […]
Understanding your tax obligations as a limited company director
The different taxes that all company directors need to be aware of There are many taxes you might need to pay as a company director. Understanding them can be hard. But it’s crucial to stay updated on your tax duties. For instance, not registering for VAT or missing tax payments as an employer can lead […]
What Happens to the Debts of a Dissolved Company?
What Happens to Debts When a Limited Company Has Been Struck Off or Dissolved? As the director of a limited company, you enjoy the safeguard of limited liability. This means that the company’s finances are distinct from your personal financial matters. The company’s debts are its own. When a limited company is dissolved, it stops […]
Company Directors Disqualification Act (CDDA) 1986 Definition
Company Directors Disqualification Act: A Quick Overview The Company Directors Disqualification Act (CDDA) 1986 holds significance in UK company law as it sets out the process for probing and disqualifying company directors under suspicion of misconduct. Notably, the act broadened the reasons for the Court to issue a disqualification order and increased the longest disqualification […]
Companies Act 2006 Definition & Overview
Companies Act 2006: A Quick Overview The Companies Act 2006 stands as the main company law in the UK. It’s the lengthiest act ever passed by the British Parliament, comprising 1,300 sections across 700 pages. The contents list extends to 59 pages. Although it included 16 schedules initially, the Corporation Tax Act of 2009 has […]
Companies Act 1989 Definition & Overview
What is the Companies Act 1989? The 1989 Companies Act oversees changes in UK company law related to company accounts, fair trading, and investigation procedures. It enhances current company regulations by introducing new rules on company auditor qualifications, company charges registration and other aspects. Companies Act 1989: A Quick Overview The Companies Act […]
What to do if you cannot afford to liquidate your insolvent company
Can I liquidate my insolvent limited company without a licensed insolvency practitioner? If you don’t have enough money for a licensed insolvency practitioner, there might be other ways to pay for a formal insolvency procedure, like a payment plan. You can’t close a company by yourself because UK law says only a licensed insolvency practitioner […]