What does HMRC having ‘recovery powers’ mean for Directors?

While company directors are generally protected by limited liability, recovery powers granted to HMRC in the Finance Act 2020 mean directors can face greater personal liability for tax debts held by the company in the event of insolvency…
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What can unincorporated businesses do when struggling with debt?

The Bank of England’s latest interest rate hike to 1.25% in June might not take us anywhere near the terrifying heights of 17% seen back in 1979, but for many it may turn out to be the final financial straw. Compounded as it is by a cost of living crisis where inflation has already hit a 40-year high of 9.1% and is expected to go into double figures later this year, the economic situation is grim…
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Closing your company: Strike off versus Voluntary Liquidation

The impact of the last two years
It goes without saying that many thousands of Companies have struggled since the beginning of the Covid crisis. Many of those Companies would have utilised the various schemes and assistance put in place by the government, banks and HMRC.
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How do I know if my company is insolvent?

There may be many reasons why a business owner or director continues to trade a distressed business rather than seeking professional assistance. In the present circumstances, where government support has propped up businesses, it may even be the case that your company has become insolvent without you realising it…

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Has the Covid Pandemic Created a Financial Timebomb for SMEs?

This time last year, chancellor Rishi Sunak quickly announced several lending programmes for companies affected by Covid and resulting lockdown. With loans, tax relief and cash grants available to support businesses, the idea was to prevent a wave of insolvencies, as firms struggled to stay afloat during the pandemic.
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A good time for a financial and commercial health check…

As we approach the first anniversary of the start of the Coronavirus crisis, few businesses have been left unmarked by the most extraordinary twelve months in living commercial memory. The degree to which they have been affected is determined by the industry in which they operate and their positioning within that sector…

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For most owners and managers, it has been an extraordinary roller coaster as rules, regulations and restrictions have come, gone and been flexed with bewildering speed. Their staff, customer base, supply chain and key stakeholders have been through just the same manic change-management challenges.
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Knowing when to stop trading…

That a business can become insolvent is a fact of life. The well known insolvencies involving some of the country’s best known retailers and manufacturers shows how global economic decisions can affect local trading conditions, both in terms of speed and severity.
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Cash Flow for Small Businesses

Cash flow is critical for a small business because it needs money to pay suppliers, employees and overheads such as rent and utilities. Firms must ensure they have sufficient working capital for these day-to-day operations and often this is tied up in monies owed to the business by customers who have bought goods or services on credit…

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