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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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Latest Articles

Need to close my company because of IR35

August 18th 2021

Limited company closure options for IR35 contractors Changes to IR35 legislation that were brought in by the government in April 2020 have created significant problems for contractors operating as lim…

Company struggling – what happens to Bounce Back Loan?

August 12th 2021

Can I strike-off with an outstanding Bounce Back Loan? The Bounce Back Loan Scheme (BBLS) was one of several sources of emergency finance for companies struggling to deal with the challenges of corona…

What is a Nudge Letter from HMRC?

August 10th 2021

HMRC reminder letter to review tax liabilities HMRC uses nudge letters to prompt taxpayers to review their tax affairs. This is with a view to closing the gap between the tax expected by HMRC, and the…

Rescue Options

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What does it mean when a company is a going concern?

June 29th 2021

Trading as a going concern following cash flow difficulties When a company operates as a going concern, it means that it is expected to carry on trading with no threat of liquidation for 12 months or …

Advantages & Disadvantages of a Pre-Pack Administration

March 31st 2020

Advice and considerations for limited company directors on pursuing a pre-pack administration route

The Company Voluntary Arrangement Process – How does it work?

March 29th 2020

A Company Voluntary Arrangement is a restructuring route which can provide an exit from company administration and creditor pressure

Closure Options

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Can I close my company with a DS01 form?

July 22nd 2021

Closing a company with a DS01 form means you voluntarily strike the business from the register at Companies House. It is inexpensive and relatively straightforward, but there are other closure options…

IR35 Reforms and Creditors’ Voluntary Liquidation (CVL)

March 31st 2021

How to close your insolvent Personal Service Company IR35 reforms within the private sector, which are due to come into force on 6 April 2021, will transform the way contractors and other off-payroll …

What is no asset liquidation?

March 23rd 2021

When a limited company becomes insolvent and there is no chance of rescue or restructure, liquidation becomes the only remaining possibility. But directors do have the option of voluntarily liquidatin…

Personal Insolvency

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Insolvent Estates of Deceased Persons – BEWARE!

February 7th 2020

Dealing with the insolvent estate of a deceased person may involve obtaining an Insolvency Administration Order

What is a creditor petition for bankruptcy?

January 15th 2020

A creditor petition for bankruptcy is known as a bankruptcy order which could result in the sale of assets to repay outstanding creditors

Covid 19 Coronavirus

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Company struggling – what happens to Bounce Back Loan?

August 12th 2021

I cannot pay my Bounce Back Loan – What options do I have?

June 18th 2021

If your company is struggling to keep up with the monthly repayments on its Bounce Back Loan, you need to ensure you understand the options open to you.

Coronavirus Act 2020 and forfeiture of leases

February 24th 2021

Commercial rents typically represent a significant expense for businesses, and coronavirus created such economic devastation that, in 2020, the government introduced a moratorium on lease forfeiture by commercial landlords.

Director Advice

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Need to close my company because of IR35

August 18th 2021

What are preference shares in a UK company?

July 23rd 2021

UK companies can offer various types of shares, generating vital funding and allowing investors to reap the rewards as the business grows. Ordinary shares and preference shares are just two types of s…

What is administrative restoration of a UK company?

July 1st 2021

Restoring a Dissolved Company to the Register Administrative restoration is an official process by which companies can be reinstated to the Register of Companies at Companies House, and continue to tr…

Finance

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What are your alternatives if you cannot get a CBILS loan?

April 20th 2020

As the Covid-19 pandemic threatens to hinder businesses across the country, the government has announced an unprecedented support package to help companies and their shareholders survive these challen…

Emergency Funding through the Coronavirus Business Interruption Loan Scheme (CBILS)

April 3rd 2020

Understanding the Government-backed CBILS and how this could help your business through the Covid-19 pandemic

Does my personal credit score matter when applying for credit for my business?

March 16th 2020

Understanding how your personal credit rating affects your ability to obtain funding for your limited company

Tax

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What is a Nudge Letter from HMRC?

August 10th 2021

HMRC Time to Pay Rejections

February 22nd 2021

The Time to Pay scheme, or TTP, helps businesses that are experiencing temporary financial difficulty to repay their tax arrears over a period of time, potentially up to 12 months.

Finance Act 2020: What This Means for Director and Shareholder Liability

January 21st 2021

The recently introduced provisions detailed in the Finance Act 2020 allow HMRC to make directors, shadow directors, and other connected individuals, jointly and severally liable for the tax liabilities of insolvent companies or LLPs in certain situations.

Insolvency

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Who gets paid first when a company goes into liquidation?

March 29th 2020

The Insolvency Act 1986 prescribes an order of priority for creditor repayments in the event of company liquidation

What is provisional liquidation?

March 28th 2020

The appointment of a provisional liquidator is allowed under certain specific circumstances. This often occurs after a Winding Up Petition has been presented but before the matter is heard in court.

What happens to company assets after a winding up petition?

March 27th 2020

What are the rules surrounding the transfer, sale, or disposal of assets during - and leading up to - insolvency?

Common HMRC and Debt Enforcement Letters

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HMRC Receivables Management Debt Recovery

March 30th 2020

If HMRC debt recovery services are unable to collect debts, they may issue a warning letter ordering for full debt repayment

Final Proof of Debt Form from The Insolvency Service

March 25th 2020

The Final Proof of Debt Form summarises creditor entitlement for funds during company liquidation or administration

Winding Up Petition Letter

March 24th 2020

Example of Winding Up Petition Letter What does this letter say? This letter largely features a number of fields which are to be filled in specifically about the company itself. Lower down, it says: …