FAQs Begbies Traynor Group

Offices Nationwide Contact Us

The UK's Market Leader

Licensed Insolvency Practitioners

Affected by Covid-19?

100% Confidential Support

Restructuring or Closure

Immediate Advice on Your Options

Home
FAQs

Filter by Category

HMRC

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

It is likely that HMRC will object to the striking off of the company whilst there is a tax debt or if any returns have not been filed, although it is possible you will “slip through the net”. You should bear in mind that a company which is struc...

07/01/20 by Jonathan Munnery

Our company cannot pay the Corporation Tax bill. What are my options?

There are many options available to you from a Time To Pay (“TTP”) Arrangement to a formal insolvency. One of our licensed insolvency practitioners will be able to help you by carrying out a financial review and identifying the problems you face...

28/02/20 by Jonathan Munnery

I have been issued an HMRC Distraint Order - can I stop any further action?

Unfortunately the answer is a resounding 'yes', as HMRC have extensive powers to assist them in the collection of taxes due. However, this does not mean there are no options open to you. What those options are will depend on what other debts you have...

01/01/20 by Jonathan Munnery

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

As a general rule, a director is not personally liable for the debts of a limited company. In fact, the exceptions to this rule are few and far between and in general are limited to instances of fraud. This is not to say that a delinquent director ca...

16/01/20 by Jonathan Munnery

I've received a HMRC Distraint Notice. What can bailiffs take?

A bailiff who is instructed by HMRC to collect a company debt can only distrain over the company’s property, not over the assets of its director – even if you owe the company money – in the absence of a court order known as a third party debt o...

22/10/14 by Jonathan Munnery

My company is struggling with VAT payments will HMRC help?

In this situation it would be sensible for you to speak to a licensed insolvency practitioner as it sounds as if the company is insolvent and riven with internal disputes. This sort of situation rarely improves to the point of recovery and, therefore...

07/10/14 by Jonathan Munnery

Corporate Insolvency

My company is trading while insolvent. What are my options?

There are a number of different ways to resolve your immediate cash flow issue. However, the first thing to do is to prepare budgets and cash flow forecasts. This will assist you to plan better for the future, if your company is able to continue to t...

04/03/20 by Jonathan Munnery

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. Should any wrongdoing be suspected, the case could be passed on to the Department for Business, Innovation and S...

24/01/20 by Jonathan Munnery

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. Company directors can be exposed to this sort of risk under certain circumstances, however, including if personal gu...

05/02/20 by Jonathan Munnery

I cannot pay my staff/employees

Being unable to meet your payroll obligations is a serious issue, but one that can be overcome with access to reliable information and good contacts within the finance industry. The fact is that you may just be experiencing temporary cash flow proble...

11/02/20 by Jonathan Munnery

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 and take a look at the bigger picture. Even a couple of days away from the business can provide more cl...

21/02/20 by Jonathan Munnery

My company is suffering due to my business partner’s actions

If problems are being caused by the actions of your business partner, they might start to affect the long-term stability of your company. In cases like these, it is a good idea to obtain professional advice on how to proceed. Whether you approach a...

09/02/20 by Jonathan Munnery

Company Closure

How do I close a solvent UK limited company?

If you enter into a members’ voluntary liquidation (“MVL”) then the directors (or a majority of them if there are more than two) must make a statutory declaration of solvency, which confirms the company will be able to pay all its debts within...

07/03/20 by Jonathan Munnery

Company Liquidation

What is the procedure for, and the effects of, company liquidation?

Unfortunately, company liquidation is a public process because by law advertisements have to be made at various stages of the process in the London Gazette. However, the good news is that by the time the notices are advertised the business will have...

08/10/14 by Jonathan Munnery

Can you keep a company name after liquidation?

Section 216 of the Insolvency Act, 1986, states that company names cannot be retained post-liquidation, apart from in very limited circumstances. Similar names are also included in this ruling, which is intended to protect creditors from further fina...

14/03/20 by Jonathan Munnery

What is ‘moneyboxing’ in company liquidation?

Moneyboxing refers to the act of holding profits within a company’s books, deemed excessive to its commercial needs, with the sole intention of gaining a tax advantage on the eventual closure of the company. HM Revenue and Customs have expressed co...

28/06/16 by Jonathan Munnery

What is ‘phoenixism’ and how does it relate to Members’ Voluntary Liquidations (MVL)?

Phoenixism is generally associated with pre pack administration, where the underlying assets of a failed business are sold, sometimes to the existing directors. These directors then go on to form a new company, often operating in a similar vein. Th...

28/06/16 by Jonathan Munnery

Time To Pay Arrangement

Will HMRC consider a Time to Pay arrangement for late VAT?

If you don’t have any history of arrears or non-compliance with HMRC, it is actually very likely that they will be willing to agree a Time To Pay (“TTP”) Arrangement with you. HMRC will want to see evidence that you will be able to maintain pay...

26/03/20 by Jonathan Munnery

Network of Over 100 UK Offices

Find your local Begbies Traynor Group office and speak to an adviser today.

Find your Local Office

Company Director
Professional Adviser
General Enquiry

0800 063 9221

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...

Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...

0800 464 0871

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...

Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...

0161 837 1700

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...

Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...

Begbies Traynor Group plc, announces that it has completed the acquisition of CVR Global LLP

CVR is a leading independent firm of insolvency practitioners, forensic accountants and experts in other related complementary disciplines.

Coronavirus pushes financially distressed companies over the half-million mark

Number of businesses in significant distress stands at 509,000 – the highest number measured by the Red Flag Alert research

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

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

Business rescue advice from your local experts

More than 400 staff across 106 offices

Find your local office →

Join thousands of professionals by signing up for our updates

Analysis and Opinion from our Partners

Top Industry News

Advice you can trust

We are accredited by the following industry leading organisations

Contact the Begbies Traynor Group team

Full Name *

Company Name *

Email Address *

Phone Number *

Which best describes you?

Select your Nearest Office

New Enquiry

Live Case

Your Message *

or Find your Nearest Office

Here at Begbies Traynor Group we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See PRIVACY POLICY

Call our Confidential Advice Line

Call our Confidential Advice Line

FAQs

Our Frequently Asked Questions are answered by a licensed insolvency practitioner. We believe there are always solutions to any problem and we are here to help you.

Filter by Category

HMRC

07/01/20 by Jonathan Munnery

28/02/20 by Jonathan Munnery

01/01/20 by Jonathan Munnery

16/01/20 by Jonathan Munnery

22/10/14 by Jonathan Munnery

07/10/14 by Jonathan Munnery

Corporate Insolvency

04/03/20 by Jonathan Munnery

24/01/20 by Jonathan Munnery

05/02/20 by Jonathan Munnery

11/02/20 by Jonathan Munnery

21/02/20 by Jonathan Munnery

09/02/20 by Jonathan Munnery

Company Closure

07/03/20 by Jonathan Munnery

Company Liquidation

08/10/14 by Jonathan Munnery

14/03/20 by Jonathan Munnery

28/06/16 by Jonathan Munnery

28/06/16 by Jonathan Munnery

Time To Pay Arrangement

26/03/20 by Jonathan Munnery

Network of Over 100 UK Offices

Find your local Begbies Traynor Group office and speak to an adviser today.

Advice you can trust

We are accredited by the following industry leading organisations

Contact the Begbies Traynor Group team