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Latest Articles

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

February 2nd 2023

Question I'm really worried and would like some advice please. I am the sole director of a limited company providing IT consultancy and have recently accepted a permanent job with another company star…

What is ‘moneyboxing’ in company liquidation?

February 2nd 2023

Question What is ‘moneyboxing’ in company liquidation? Answer Moneyboxing refers to the act of holding profits within a company’s books, deemed excessive to its commercial needs, with the sole i…

My business is suffering due to depression/ill health

February 2nd 2023

Question Who can I turn to when my business is suffering due to depression and ill health? Answer If the stresses and strains of running a successful company have taken their toll on your physical or …

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…

Strike off a Company vs Business Liquidation

January 15th 2021

Company strike off and business liquidation are two ways to close down a business, but it can be difficult to know which process is the most appropriate. Initially, you need to consider your company�…

What happens when a company goes into liquidation?

March 24th 2020

When a company goes into liquidation its assets are sold to repay creditors and the business closes down. The company name remains live on Companies House but its status switches to 'Liquidation'. Th…

Personal Insolvency

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What is an insolvent estate?

March 20th 2020

An insolvent estate is left when a deceased person’s debts are greater than the total value of assets, meaning money is owed to their creditors

Individual voluntary arrangement (IVA) vs other personal debt programmes

January 29th 2020

An Individual Voluntary Arrangement (IVA) is a common debt recovery process in England, Scotland and Wales. It offers a number of benefits to those trying to escape unmanageable debt, but IVAs aren’…

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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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.

What happens to my CBILS loan during liquidation or administration?

January 14th 2021

The Coronavirus Business Interruption Loan Scheme, or CBILS, offered a valuable source of emergency finance for businesses during the coronavirus pandemic back in 2020. With 80% of the loan amount bac…

What happens to my bounce back loan during liquidation or administration?

December 11th 2020

Government Bounce Back Loans saw huge take-up by limited companies in 2020. But what happens if a company is insolvent and can no longer afford to pay it back?

Director Advice

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What is ‘moneyboxing’ in company liquidation?

February 2nd 2023

My business is suffering due to depression/ill health

February 2nd 2023

Can I lose my home due to business debts?

February 2nd 2023

Question Can I lose my home due to business debts? Answer In general, your home is protected by the ‘veil of incorporation’ that separates the company as an entity from you as a director. Company …

Finance

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Options When your Company is Refused Finance

March 21st 2020

Understanding alternative funding options when your company is rejected for a loan

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

What is an Independent Business Review?

March 5th 2020

What does an Independent Business Review look at and why would a lender ask for one to be performed on your limited company?

Tax

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

February 2nd 2023

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

February 2nd 2023

Question My limited company has been trading for five years, but a recent random VAT inspection was a bolt our of the blue. A month after the inspection took place we were told we owe £15,000 in add…

What is HMRC interest on late payments in 2023?

January 31st 2023

HMRC late payment penalties explained When running a business, it is normal for market fluctuations and external factors to result in periods of financial pressure, which sometimes means there is not …

Insolvency

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Can a UK company remove a County Court Judgment?

January 30th 2023

How can a CCJ be set aside? Having a County Court Judgment put in place against your company could lead to serious issues for your business, particularly if it later leads to a creditor seeking a wind…

Understanding the Standalone Moratorium for UK Companies

January 26th 2023

Can the new moratorium process help my insolvent business? Introduced as part of the Corporate Insolvency and Governance Act 2020 (CIGA 2020), the new moratorium procedure was born out of a desire to …

What is a Restructuring Plan for UK companies?

January 16th 2023

A restructuring plan is a “compromise or arrangement” entered into between a company and its creditors and/or shareholders. Restructuring plans are a relatively recent addition to the corporate in…

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: …