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FAQs

Our Frequently Asked Questions are answered by a licensed insolvency practitioner. We believe there are always solutions to any problem and we are here to help you.

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HMRC

My company owes HMRC corporation tax and VAT but I cannot afford the payment request

It is likely that HMRC will object to the striking off of the company whilst there is a tax debt or if any returns have not been filed, although it is possible you will “slip through the net”. You should bear ...

13/10/14 by Jonathan Munnery

Our company cannot pay the Corporation Tax bill. What are my options?

There are many options available to you from a time to pay (“TTP”) arrangement to a formal insolvency. One of our licensed insolvency practitioners will be able to help you by carrying out a financial rev...

14/10/14 by Jonathan Munnery

I have been issued an HMRC distraint order can I stop any further action

Unfortunately the answer is a resounding 'yes', as HMRC have extensive powers to assist them in the collection of taxes due. However, this does not mean there are no options open to you. What those options are will depend...

20/10/14 by Jonathan Munnery

If I cannot pay the VAT bill, what options are available to my company?

As a general rule, a director is not personally liable for the debts of a limited company. In fact, the exceptions to this rule are few and far between and in general are limited to instances of fraud. This is not to say ...

20/10/14 by Jonathan Munnery

I've received a HMRC Distraint Notice. What can bailiffs take?

A bailiff who is instructed by HMRC to collect a company debt can only distrain over the company’s property, not over the assets of its director – even if you owe the company money – in the absence of...

22/10/14 by Jonathan Munnery

My company is struggling with VAT payments will HMRC help?

In this situation it would be sensible for you to speak to a licensed insolvency practitioner as it sounds as if the company is insolvent and riven with internal disputes. This sort of situation rarely improves to the poi...

14/10/14 by Jonathan Munnery
Corporate Insolvency

My company is trading Insolvent. What are my options?

There are a number of different ways to resolve your immediate cash flow issue. However, the first thing to do is to prepare budgets and cash flow forecasts. This will assist you to plan better for the future, if your ...

20/10/14 by Jonathan Munnery

Can I go to jail for business fraud? Could I be arrested?

If your company is forced into liquidation, the actions of all directors leading up to insolvency will be investigated by the liquidator. Should any wrongdoing be suspected, the case could be passed on to the Department for Business, Innovation an...

08/04/16 by Jonathan Munnery

Can I lose my home due to business debts?

In general, your home is protected by the ‘veil of incorporation’ that separates the company as an entity from you as a director. Company directors can be exposed to this sort of risk under certain circumstances, however, including if personal...

08/04/16 by Jonathan Munnery

I cannot pay my staff/employees

Being unable to meet your payroll obligations is a serious issue, but one that can be overcome with access to reliable information and good contacts within the finance industry. The fact is that you may just be experiencing temporary cash flow pro...

08/04/16 by Jonathan Munnery

My business is suffering due to depression/ill health

If the stresses and strains of running a successful company have taken their toll on your physical or mental health, it might be time to step back and take a look at the bigger picture. Even a couple of days away from the business can provide more...

08/04/16 by Jonathan Munnery

My company is suffering due to my business partner’s actions

If problems are being caused by the actions of your business partner, they might start to affect the long-term stability of your company. In cases like these, it is a good idea to obtain professional advice on how to proceed. 

 Whether yo...

11/04/16 by Jonathan Munnery

Advice You Can Trust

Insolvency Practitioners Association Institute of Chartered Accountants in England and Wales R3: Association of Business Recovery Professionals ICAEW Business Advice Service Turnaround Management Association ACCA (the Association of Chartered Certified Accountants) ICAS | The Institute of Chartered Accountants of Scotland
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