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Here you’ll find Begbies Traynor insights, features and advice across a range of professional service topics including director support, taxation, finance and more...

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Rescue Options

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Advantages & Disadvantages of a Pre-Pack Administration

A pre-pack administration facilitates the quick sale of a business in insolvency. Negotiations for the sale of underlying business assets take place prior to an Administrator being appointed, after wh…

Advantages and Disadvantages of a CVA

A Company Voluntary Arrangement (CVA) provides a way for companies in distress to pay off their debts over a fixed period of time, and offers the opportunity to address issues surrounding management …

Options available to save a limited company from closure

If your company is insolvent and you are unsure how to progress, a range of options remain that could save the business from closure. Some involve informal negotiations with creditors; others are form…

Closure Options

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Liquidating with company debts

If your company is approaching insolvency, you may be wondering if voluntary liquidation is a possibility. Perhaps if you do not act quickly a secured or unsecured creditor could take the future of th…

Directors’ responsibilities

There are certain rules and regulations surrounding company liquidation, many of which focus on your actions as a director. Once a company becomes insolvent, you must put creditor interests first by c…

Closing a limited company

If you have reached agreement with other directors and shareholders that the company should be closed, the manner in which this is achieved depends on whether the company is solvent or insolvent. Clos…

Director Advice

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Personal Guarantees

If you’re a company director then circumstances can arise in which you decide to offer personal guarantees in support of a loan application or your pursuit of a line of credit. Where these guara…

Liability for Company Debts

The question of whether and under what circumstances a director might find themselves liable for their company’s debts upon entering insolvency can quickly become a very pressing concern. For ob…

Directors’ Loan Account

Overdrawn directors’ loan accounts can come to be a real cause for concern; particularly in the context of a company entering insolvency. Therefore it can help to understand as clearly as possib…

Finance

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Invoice Factoring vs Discounting

Both invoice discounting and invoice factoring are cash flow solutions designed to free up funds for companies that are solvent and operationally sound but which could benefit from a short term cash i…

What can you expect in a HMRC tax inspection?

Limited companies have come under increased scrutiny by HMRC in recent years, as the government strives to recover lost tax revenue and deter companies from tax evasion. A small number of businesses a…

Raising finance for your business

There is now an increasing number of different options for you to obtain finance for your business. This ranges from the traditional Banks we are all used to, the new challenger Banks, many specialis…

Tax

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HMRC Direct Recovery of Debt Changes

In its 2014 Budget, the Treasury announced that it would give HM Revenue & Customs (HMRC) power to recover taxes owed by corporate and individual debtors directly from their bank accounts. Issues …

Tax Avoidance Schemes

The issue of tax avoidance schemes has become widely publicised, particularly over the last 18 months, in part fuelled by the media microscope fixing firmly on the finances of celebrities and multinat…

Accelerated Payment Notices

There has been much made of the Government’s clampdown on what it considers to be corporate tax avoidance in recent years and Accelerated Payment Notices (APNs) are viewed as being a key weapon in …

Insolvency

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Glossary of Insolvency Terms

Accountant in Bankruptcy (Scotland)The Official appointed to monitor personal insolvency procedures. She will also act as trustee where no insolvency practitioner is nominated on a sequestration petit…

Cannot Pay Creditor Invoices?

Pressure from suppliers can be overwhelming when your company is experiencing financial difficulties. Even if it is only a temporary downturn in company fortunes, the fact that a supplier can apply fo…

Dealing with HMRC pressure

If you are facing pressure from HMRC regarding your company’s tax liabilities, it is reassuring to know that options are available to steer you through this stressful time. You may have become d…

Letters

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HMRC Overdue Corporation Tax Letter

What does the letter say? “Please pay £XXX. “We have written to you about paying your Corporation Tax but you still owe the amount shown above. We will now pass your debt to a Debt Collecti…

Distraint Notice and Inventory from HMRC

What does this letter say? “I have today seen and distrained on the goods listed in the inventory below. I did this at xxx If you do not pay the total amount shown above within 5 days of the date o…

HMRC Distraint Notice and Inventory Checklist

What does the letter say? "To xxx, I have today seen and distrained the goods listed in the inventory overleaf at (premises). (Followed by a list of distrained goods) If you do not pay the debt an…