Articles Hub
The latest insights and trending topics from Begbies Traynor Group
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.
Football Distress Survey: EFL lower leagues see distress levels rise as inequity grows down pyramid
Four of the 72 clubs (6%) in the English Football League are facing distress - double the number from a year ago, but a slight fall in the last six months. Between 2021 and 2023 distress in English and Scottish leagues was at lowest level in 12 years of the Football Distress Survey.
What happens when a company goes into liquidation?
Liquidation is a process that closes a company down and removes it from Companies House; here we explain the processes for solvent and insolvent liquidation
FCA Regulated Firm – Wind-Down Plan: Insolvency
Begbies Traynor is a specialist in providing advisory, insolvency and restructuring advice to FCA regulated firms and businesses within the financial services sector.
Understanding IR35 and what to do if you need to close your company
Sweeping changes HMRC made to IR35 legislation in 2021 to reduce tax avoidance have adversely affected many contractors and left them with little choice but to close their companies.
How to improve company cash flow
Company cash flow, or the lack of it, is the most common cause of limited company failure in the UK. When the cash in the business becomes squeezed, it becomes difficult to pay your debts on time, order raw materials, pay staff, fund marketing campaigns and operate effectively.
How to close a company with no money
If your company has no money and you’re ready to close it down, you might be unsure of your options. Voluntary Dissolution, also known as Strike Off, is the cheapest way to close a limited company, but it’s only appropriate for businesses that are solvent (can repay all their debts).
Company turnaround and business recovery
Periods of financial difficulty are nothing new for many businesses. Rising costs, fluctuating customer demand, increasing competition, seasonality and cash flow issues are just a few common problems that can cause firms to struggle.
How can I save my failing company?
If your limited company is struggling with unmanageable debts, cash flow problems or costs that are spiralling out of control, you need to identify and tackle the problem head-on. Burying your head in the sand and hoping the situation will resolve itself will typically lead to more stress, increasing pressure from your creditors and a narrowing of your options.
Can a company CCJ affect me personally?
A County Court Judgment (CCJ) could affect your personal borrowing ability and if left unpaid, a creditor could petition to wind up your company.
What is limited liability for a UK company?
When you run a business, one of the first and most important considerations is its legal structure. In the UK, there are three main business structures for SMEs - sole proprietorships, partnerships and limited companies.
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.
