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The latest insights and trending topics from Begbies Traynor Group
What is a HMRC Time To Pay (TTP) Arrangement?
A Time To Pay arrangement is a way of spreading your company tax arrears over a longer period of time in a more affordable way. An agreement is reached between the business and HMRC in an attempt to provide some breathing space to the business and allow cash flow to improve.
What happens if I cannot pay the VAT?
Struggling to pay the VAT is a common problem for companies, however, this does not mean the problem should not be taken seriously.
Can directors be held liable for company debts?
In the main, the limited company legal structure protects directors from personal liability in relation to business debts.
Director disputes – when one wants to liquidate and one doesn’t – what next?
If you are in serious dispute with a co-director – maybe you have strongly disagreed on a matter of business, for example, or are a divorcing couple - you may want to liquidate the company and move on.
What is an insolvent estate?
An insolvent estate is left when a deceased person’s debts are greater than the total value of assets, and therefore money is owed to their creditors.
I cannot afford to pay my staff’s wages
If you’re unable to pay your staff then it’s also likely that you’re struggling to pay bills from suppliers, HMRC and other creditors when they become due, and at that point, your business could be technically insolvent.
My business is suffering due to depression/ill health
If the stresses and strains of running a successful company have taken their toll on your physical or mental health, it might be time to step back.
What is the difference between a fixed and floating charge?
Both fixed and floating charge holders are classed as secured lenders; however, there are some important differences between these two types of charges.
What does it mean when a company is a going concern?
What does it mean when a company is a going concern?
Understanding commercial leases and personal guarantees
Given the complexity of many commercial leases, it is vital that you understand your rights when it comes to signing a personal guarantee for a lease. The ramifications of failing to meet lease repayments are serious, but knowing the consequences to you personally if your business starts to struggle financially, could help to protect your home and other assets.
Understanding HMRC Distraint Orders and Notice of Enforcement
If your company owes money to HMRC or another creditor and you have been unable to settle the debt, they may take out a Distraint Order against your company. This involves the seizure of goods to the value of the debt, plus the fees for enforcement action.
What happens to my husband’s / wife’s / partner’s debts when they die?
Managing the estate of an individual who died with debts is a difficult and sensitive process that requires a high level of technical expertise.
Joint and Several Liability Notices: Directors of insolvent companies face greater personal exposure to tax liabilities
While company directors are generally protected by limited liability, recovery powers granted to HMRC in the Finance Act 2020 mean directors can face greater personal liability for tax debts held by the company in the event of insolvency.
Need to close my personal service company due to IR35
Company closure options for Personal Service Company contractors hit by the IR35 reform, including liquidation options for solvent and insolvent companies.
