HM Revenue & Customs (HMRC) has increased the threshold for Self-Assessment taxpayers to use its online self-service Time to Pay payment plan service from £10,000 in tax liabilities to £30,000. This has been put into place to help...
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Construction firms are likely to face a significant squeeze to their finances when new rules on how VAT is collected by the building and construction industry come into effect 1st March 2021. The changes - the Domestic Reverse Charge (DRC) -...
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Government (belatedly) reintroduces suspension of wrongful trading rules The wrongful trading suspension was reactivated by the UK Government last week. What does this mean? In insolvency, directors that side-step their legal and fiduciary...
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Finance Act 2020 gives HMRC powers to make directors and others connected to a company, jointly and severally liable for the company's tax liabilities if the company becomes insolvent. It’s likely that many businesses will struggle to recover to...
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In insolvency, directors that side-step their legal and fiduciary responsibilities may be disqualified from being able to act as a director for a period of time. It is imperative that during difficult trading conditions directors remain vigilant...
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The Finance Act 2020 received Royal Assent on 22 July, confirming that from 1 December 2020 HMRC will become a secondary preferential creditor in insolvencies. This is a disappointing announcement for the insolvency industry which believes the...
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With just over two months to go until HMRC's extension of IR35 reform to the private sector in April 2020, many contractors will be concerned about whether their limited companies will continue to be profitable. The reforms enable HMRC to collect...
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Construction firms are likely to face a significant squeeze to their finances, when new rules on how VAT is collected by the building and construction industry - called the Domestic Reverse Charge (DRC) - come into effect from 1st October this...
Read more...As Philip Hammond delivered his third Budget as chancellor with his comment of the Era of austerity is "finally coming to an end”, as always, we see some winners and losers. One of the changes that will have a big impact despite not capturing the...
Read more...Voluntary strike off If you are looking to cease trading and close down your company, you may find that there are various options open to you. If your company is solvent, meaning there is no outstanding debt to creditors and is fully up to date...
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