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HMRC’s Time to Pay – how does it work?

You may well have heard of the Time To Pay initiative. As a business owner, if you’re in financial bother and you can’t pay your VAT, PAYE or your corporation tax on time, it could be an answer to your troubles. But while Time To Pay might well be a viable solution, see if it’s right for you. What is Time To Pay? Just as it sounds, it’s an installment plan that gives you more time to settle your tax debts and bring your arrears up to date. HMRC will not reduce the tax you owe, but with Time To Pay, you’ll be able to spread your repayment of tax arrears and get some breathing space. HMRC will continue to charge you interest, but as long as the Time to Pay is kept to, they will stop penalties. Why consider a Time to Pay Arrangement? Maybe you’ve got cashflow problems? Perhaps you’ve had […]

Is your business in financial trouble?

Business In Financial Trouble? Business is tough. Competition is rife in almost every industry and it’s common for businesses of all sizes to face difficulties, especially during and coming out of a recession. If your business is in financial trouble and you’re feeling the strain, it’s going to be useful to know what you can do and what you can’t. Knowledge is power, after all. Probably the first thing that you need to do is to take a realistic look at your situation and work out whether you need to cease trading. Is your business in a lot of debt? Are you accumulating CCJs? Its helpful to be clear that your business is separate to your personal life – however, if your company is insolvent, but continues trading and incurring debt, you might be personally liable for the company’s debts if a wrongful trading or trading whilst insolvent action is taken […]
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    Fines for Disqualified Directors? A view from within our industry…

Fines for Disqualified Directors? A view from within our industry…

At a speech given this month, The Right Honourable Vince Cable, Secretary of State for Business, Innovation and Skills has flagged the Government’s intention to bring in legislation to commence fining disqualified directors, and in doing so puts forward an appealing perspective. On closer inspection of the current system, the fining of directors seems to be wallpaper covering the cracks of the real issues in dealing with directors guilty of dishonest business practice. He has conveniently ignored the white elephants which are actually preventing the director disqualification process from being as strong a deterrent as it could be. Firstly, under-funding. The Insolvency Service is the government body tasked with bringing disqualification proceedings against directors, yet its funding has been cut by 40%. This has manifested itself in that the number of directors reported for dishonesty to the Insolvency Service has risen by over 20% in the past three years, whilst the […]

Thatcher’s legacy

Thatcher’s insolvency legislation is backbone to current business enterprise With the recent death of Margaret Thatcher, I thought it opportune to have a look back at the huge effect she had on the way we deal with insolvencies in the UK. Towards the end of 70s and the beginning of the 80s, Britain was in the grip of a recession, suffering a lack of confidence in its own business prowess, and facing a need to move away from its core raw material industries. Much wrong was done in the need to change Britain’s direction, and many communities were ripped apart in the way it was approached, especially across the North. However, when Mrs Thatcher was appointed prime minister in 1979, she also set the UK onto a path of business reform that completely changed the way businesses operate. Having loosened the grip of the unions, she also brought in new measures in line […]