Begbies Traynor Group

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The latest insights and trending topics from Begbies Traynor Group

Calculating A VAT Bill

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

Companies that are VAT registered usually have to pay their VAT bill once every few months and they should calculate along the way how much VAT they are likely to be due to pay to HM Revenue and Customs (HMRC).

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Stressed Woman Has A Penalty For Late VAT Returns And Payments

How HMRC now handle penalties for late VAT returns and payments

As of January 2023 companies in the UK can now get penalty points if they submit their VAT Returns late, even including nil payment returns.

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moratorium in a company administration process

What is a moratorium in a company administration process?

The moratorium suspends all creditor legal action during a company administration to give a struggling company the time to put a rescue plan in place.

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Exit Route

What are the exit routes out of company administration?

There are several exit routes out of company administration, with the right course of action determined by its individual circumstances and future viability.

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What Actions Can Creditors Take

What actions can creditors take against my company?

If you owe money to your creditors that you can’t repay, they can take legal action against you which could potentially lead to the closure of your business.

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Staffs Wages

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.

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What happens if my Time to Pay Arrangement fails or is breached?

Although negotiating a Time to Pay Arrangement with HMRC can be challenging, in many respects, this is the easy part. This is because, once the Time to Pay Arrangement is agreed, you’ll not only have to pay HMRC the money you owe in instalments over the next 6 to 12 months, but you’ll also have to pay your ongoing VAT, PAYE and corporation tax bills on top of this.

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Advice for directors with PAYE and VAT arrears

HMRC is the most common creditor for UK businesses and it’s easy to see why. When faced with a cash flow crunch, rather than not paying key suppliers that your business relies on, the easier option might be to delay a VAT or PAYE payment to HMRC. However, HMRC has enforcement powers that go beyond that of other creditors, which makes building up PAYE and VAT arrears a risky situation to be in.

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

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 starting in two weeks. My company will then become dormant. I have been naïve and silly and taken too many dividends and consequently can't pay back the corporation tax and VAT owed which totals £25,000.

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What is ‘moneyboxing’ in company liquidation?

HM Revenue and Customs (HMRC) has expressed concern about the use of this process known as Moneyboxing, but what is it? Begbies Traynor discusses.

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

Struggling to pay the VAT is a common problem for companies. In this submitted question we look to advise what steps you can take with HMRC.

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Can I lose my home due to business debts?

In general, your home is protected by the ‘veil of incorporation’ that separates the company as an entity from you as a director.

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Can I go to jail for business fraud? Could I be arrested?

If your company is forced into liquidation, the actions of all directors leading up to insolvency will be investigated by the liquidator.

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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.

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What is HMRC interest on late payments in 2023?

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 sufficient money in the bank to cover all running costs.

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Can a UK company remove a County Court Judgment?

Removing a County Court Judgment (CCJ), also known as having a CCJ set aside, can be done under specific circumstances but taking early action is key.

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