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Advantages & Disadvantages of a Pre-Pack Administration

March 31st 2020

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…

What is HMRC’s power when it comes to tax collection and recovery of debt?

March 31st 2020

As part of the government’s anti-avoidance measures, for the last few years HMRC can collect the tax they believe is due from tax avoidance schemes previously assumed to be compliant by their users.…

A Guide to HMRC VAT Penalties and Surcharges

March 30th 2020

HMRC applies a systemised process of penalties and surcharges when your company defaults on its VAT liabilities. This includes the late filing of your VAT return as well as the payment of tax. The dea…

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Rescue Options

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Advantages & Disadvantages of a Pre-Pack Administration

March 31st 2020

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

March 2nd 2020

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 …

Understanding SIP 16 with company administration

February 17th 2020

Statement of Insolvency Practice (SIP) 16 will be introduced on 1st November 2015, and provides detailed guidance for insolvency practitioners involved in a pre pack administration process. Pre pa…

Closure Options

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Liquidating with company debts

January 5th 2020

If your company is facing insolvency, you may be wondering if voluntary liquidation is a possibility. Be aware that if you do not act quickly a secured or unsecured creditor could take the future of t…

Directors’ responsibilities

February 6th 2020

There are certain rules and regulations surrounding company liquidation, many of which focus on your actions as a director particularly if your company becomes insolvent. As the director of an insolve…

Closing a limited company

February 19th 2020

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…

Personal Insolvency

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Insolvent Estates of Deceased Persons – BEWARE!

February 7th 2020

If you find that an Estate you are dealing with has or may become insolvent then it is important you take a step back and reconsider the way forward because it is vital that the correct insolvency pro…

What is a creditor petition for bankruptcy?

January 15th 2020

A creditor petition for bankruptcy is an application made to the court by a creditor, typically after several unsuccessful attempts have been made to recover their debt. If a bankruptcy order is subse…

Director Advice

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Personal Guarantees

February 1st 2020

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 guarantee…

Liability for Company Debts

January 13th 2020

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 obviou…

Directors’ Loan Account

February 7th 2020

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 possible t…

Finance

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Invoice Factoring vs Discounting

January 26th 2020

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?

February 12th 2020

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

February 7th 2020

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

January 13th 2020

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

February 18th 2020

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

March 9th 2020

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

January 21st 2020

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?

January 19th 2020

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

February 16th 2020

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 delin…

Letters

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HMRC Overdue Corporation Tax Letter

January 2nd 2020

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 Collection …

Distraint Notice and Inventory from HMRC

January 27th 2020

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 …

HMRC Distraint Notice and Inventory Checklist

February 14th 2020

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…

BTG Advisory accelerates growth with appointment of four new partners to its London office

BTG Advisory, the boutique advisory arm of Begbies Traynor Group announces the appointment of four new partners to its Canary Wharf office

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Eighty jobs saved with £1m sale of engineering business

South Yorkshire company Newburgh Precision rescued through administration

Sale enables 75-year-old business to continue trading

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