Disqualified Company Director ordered to pay over £500k by court
Dodgy directors: You’ve been warned!
Election Risk to Entrepreneurs’ Relief?
In the hunt for extra revenue, one tax relief that the Chancellor (whomever is successful) is bound to look at closely is Entrepreneurs’ Relief. How can the tri group help with solvent liquidations before its too late?
Business Confidence 2019; Q2 Report
The Institute of Chartered Accountants in England & Wales has recently published its Business Confidence Index for the second quarter of 2019. And pretty grim reading it is.
What is Entrepreneurs’ Relief?
Entrepreneurs’ Relief is an attractive relief for payers of capital gains tax, when disposing of qualifying business assets, commonly shares in a trading company. Normally this is when the business has been sold or is coming to an end for some other reason, such as retirement. It brings a reduction in the rate of tax payable to 10%, as opposed to the usual rate of up to 28%.
Are CVA’s coming of age
Particularly for the retail and hospitality sectors, the last year or so has been pretty bleak. Big names like Toys R Us, Maplins and Poundworld all disappeared from the high street, whilst a long list of others, including Prezzo, Carluccio’s, Marks & Spencer. Mothercare and New Look have shrunk.
2018 report ‘Personal insolvencies continue to rise’
The number of insolvencies of individuals in the year was 115,299, continuing a steady year-on-year rise which began in 2015. This gives the highest annual figure since 2011.
A small victory for Directors over HMRC
There is some – at least, anecdotal – evidence that HMRC have recently been making much greater use of their powers to make directors personally liable for the national insurance debts of their failed companies. The power derives from section 121C of the Social Security Administration Act 1992, which allows HMRC to issue personal liability notices (PLNs) when a company has failed to pay NI contributions and that failure is “attributable to the fraud or neglect of one or more individuals who were, at the time of the fraud or neglect, officers of the company” (known as “culpable officers”).
Insolvency advice – should you trust an unqualified adviser?
Recent years have seen a growth in the number of unqualified, unregulated so-called “insolvency advisers”. Frequently the advice given is, to say the least, decidedly dodgy, and the Insolvency Service is conducting an ongoing operation looking at such businesses.
Insolvency advice: don’t be an ostrich!
There’s no doubt that we are living in extraordinary – perhaps unprecedented – times. Scarcely a week seems to go by without news of another company failure – retail company failures seem to have been particularly in vogue, with Blockbuster Video, HMV, Jessops and Comet all falling into administration in the last few weeks.