To enter Administration, a company needs to be, or is likely to become, insolvent, where either the company’s liabilities exceed its assets, or it is unable to pay its debts as and when they fall due.
How are funds distributed in a Liquidation and who is at the top of the pecking order? In this month’s article we discuss the strict hierarchy within the Insolvency Act, which determines the order that creditors will be paid during liquidation.
We all know that Taxes should be paid when they fall due, however HMRC will usually agree a payment arrangement, known as Time to Pay (TTP) in order to clear any arrears. Here are 5 top tips to help you and your clients achieve the best outcome with HMRC
We’re often asked about the difference between Liquidation and Administration and when one should be used over the other. Here we cover the main differences between the two formal insolvency procedures,
If a director, manager or secretary of a company fails to pay VAT, PAYE or National Insurance Contributions (NIC) deductions and HM Revenue & Customs (HMRC) consider that non-payment was due to fraud or neglect, then they have the power to issue the individual with a Personal Liability Notice (PLN).
Find out how taking early action and following effective steps can help businesses minimise the threat of insolvency.
The introduction of Accelerated Payment Notices (APNs) by the Finance Act 2014 remains one of the most talked about measures introduced by the UK tax authority to clampdown on what it considers to be tax avoidance.
Why HMRC may focus its attention on certain companies to recover lost tax revenue, and as an accountant and business owner, what you should expect in a tax investigation.
Company Voluntary Arrangements (CVAs) are an insolvency procedure designed to rescue a business through a re-structuring of its liabilities to creditors.
When it comes to a company entering into liquidation there are some important differences between the compulsory and voluntary routes, not least for the directors of the company.
Bridgewood is a trading style of Bridgewood Financial Management Limited (Company No: 07130329) and Bridgewood Financial Solutions Limited (Company No: 06957765). Registered Office: Poynt South, Upper Parliament Street, Nottingham, NG1 6LF. Registered in England and Wales.
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Paul Mallatratt (Licence No. 2039) and Louise Freestone (Licence No. 2030) are licensed to act as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales and are subject to their Code of Ethics, available in English at www.icaew.com[...]code-of-ethics-d
In carrying out the regulated profession of Insolvency, the firm is subject to the Insolvency Regulations and Guidance Notes at www.icaew.com/insolvency and the Statements of Practice at www.icaew.com[...]insolvency-regulations-and-standards