Distraint Notice and Inventory from HMRC. Find out what this means and how Begbies Traynor can provide key advice.
This letter shouldn’t have come as a shock as HMRC will send a letter of this nature after persistent failure to meet tax liabilities. Having decided ‘enough is enough’, HMRC has issued a final warning of winding up your company, which will now happen in seven days unless you can either pay your outstanding debts, or come to an arrangement with HMRC that will see them paid over time in instalments, i.e. a Time To Pay agreement.
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 injection. While they are both forms of invoice financing, there are some important differences between the two processes.
Pre pack administration vs company voluntary arrangement. Begbies Traynor is the UK's market leader in business recovery. With over 100 UK offices and over 1000 staff we are well positioned to assist you.
ESC C16 allowed directors to follow a closure process that was both straightforward and tax-efficient but that has changed.
During liquidation procedures creditor interests must be kept to the fore and, as a group, unsecured creditors have certain rights in the process.
Here you will find a glossary of terms that relate to common insolvency terms
Overtrading often results from businesses growing more rapidly than their production and cash flow can accommodate, or the late payment of customer invoices. If not anticipated properly, overtrading can lead to insolvency and the closure of a business.
What happens if a CVA is rejected or its terms are failed? And what are the alternatives?
One of the jobs of the Insolvency Practitioner is to recoup funds to pay off as many creditors as possible. This is done through a sale of business assets.
A Notice of Intention to appoint an administrator will halt any legal action from creditors, giving you time to rescue the business from liquidation.
What criteria must be met by a creditor prior to petitioning for an individual’s bankruptcy & what process must they follow?
There are a number of ways you can mitigate the risks of insolvency as a director. Being aware of the company’s financial position is a fundamental part of your role, and on a practical basis helps you deal quickly with looming issues around company cash flow, for example, or problems in your market that could damage the business.
Overdue VAT Payment Letter from HMRC Debt Management & Banking department. Find out what this means and how Begbies Traynor can provide key advice.