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.
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.
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.
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.
The Rating and Director Disqualification Bill
New legislation may mean former company directors can be retrospectively issued with a disqualification order if they misuse the dissolution process.
What is a Nudge Letter from HMRC?
A Nudge Letter is a reminder from HMRC to review your tax liabilities accurately to avoid investigation. You will need to complete a Certificate of Tax Position.
I cannot pay my Bounce Back Loan – What options do I have?
If you are struggling to repay your Bounce Back Loan, there are a number of options open to you. Find out what these mean for you and your company.
CVR Global have joined Begbies Traynor Group plc
For more information on CVR offices and personnel look through the information below where you will find details on each office location and contacts.
Is a company director entitled to redundancy pay if their company is insolvent?
It isn’t common knowledge but directors may have a claim for redundancy when their company enters liquidation. They must be able to prove their status as an employee of the company, and fulfil more than an advisory or non-executive role.
How is an insolvency practitioner appointed?
The route by which an IP is appointed varies according to the insolvency procedure being followed.
Who is Liable for my Accountant's Mistakes?
Hiring an accountant to complete your company accounts and tax returns not only frees up time, it negates the need to employ high-level finance staff in-house.
Options When your Company is Refused Finance
Being refused finance or having a loan called in by your bank is a common process when a lender senses risk. However, other funding options may be available
What is misfeasance and what happens if I am found guilty?
Under the Companies Act, 2006, directors can be held personally liable for losses caused to creditors where ’misfeasance’ has occurred.
What is an intervention procedure when professional firms become insolvent?
In England and Wales, the Solicitors Regulation Authority (SRA) has the power to close down professional firms under certain circumstances.
