Used wisely, a company loan can be an attractive option for directors who need to access company funds, especially if the need is urgent. However, there can also be serious tax implications for the unwary.…
Company Voluntary Arrangement: What, Why, When?
I had an interesting meeting with the head of services for a local authority nervous about my client’s financial status following its entering into a Company Voluntary Arrangement (“CVA”). The client’s contract with the local…
What is a Validation Order (And What Does It Have To Do With a Winding Up Petition)?
The word 'Validation' means different things depending on its usage. The dictionary lists: 'acceptance', 'affirmation', 'authorisation', 'corroboration', endorsement, proof, 'recognition', 'verification'. In the context of insolvency (both bankruptcy and company), a validation order is a special…
What is a Winding Up Petition?
A winding up petition is legal action taken by a creditor ie HM Revenue and Customs (HMRC) to force a company into closure because it cannot pay its debts. Essentially, a winding up petition is…
HMRC and Time to Pay Arrangements: What You Need to Know
HMRC and Time to Pay Arrangements: What You Need to Know When facing financial difficulties, paying taxes on time can be a challenge for individuals, partnerships, and companies alike. On a discretionary basis, His Majesty's…
The increasing cost of incorporating a company
Perhaps not as widely known as the much publicised changes to company law is the fact that due to an increase in charges levied by Companies House, fees associated with incorporating and maintaining a company…
Winding-up petitions on the rise in HMRC squeeze
With HMRC under pressure to collect more tax owed, it is moving away from the tolerance shown during the pandemic and back towards a normal level of debt enforcement activity. As a result, the number…