FAQs

Our Frequently Asked Questions are answered by a licensed insolvency practitioner. At Begbies Traynor, 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 in mi...

13/10/14 by Dylan Quail

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.  Review and...

14/10/14 by Dylan Quail

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 Dylan Quail

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 Dylan Quail

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 a court orde...

22/10/14 by Dylan Quail

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 ...

14/10/14 by Dylan Quail
Company Closure

How do I close a solvent UK limited company

If you enter into a members’ voluntary liquidation (“MVL”) then the directors (or a majority of them if there...

09/10/14 by Dylan Quail
Company Liquidation

What is the process and the effects of company liquidation

Unfortunately company liquidation is a public process because by law advertisements have to be made at various stages of the process in the London Gazette. Howev...

08/10/14 by Dylan Quail