When you are a limited company, your organisation is going to be responsible for paying corporation tax on the yearly profits that you bring in. These taxes can be quite high, but you will be happy to know that there are a number of different ways you are able to reduce your final tax bill. [...]
The rules that surround your benefits and inheriting money can be somewhat confusing. If you have recently inherited some money and are wondering whether or not it will affect your benefits, then you’re in the right place. The truth is that it might, but this all depends on the kind of benefit you’re claiming. Inherit [...]
All the way back in 2012, the government started a scheme that was intended to assist businesses in the UK with building their brand. The scheme provided loans to people who wanted to start a brand-new business which was based in the UK. The original scheme was only available to individuals who were over 18, [...]
There are several different reasons why a business might need assistance. Many of these are within a business’s control, such as lack of planning, poor communication skills and no direction. Of course, many other reasons are not within a business’s control, and if any year can exemplify that, it has to be 2020 and 2021. [...]
When you have debts and creditors are knocking on your door, it’s very tempting to try and make debt management arrangements directly with your creditors. In cases where the debt is quite small, and it’s just one creditor, entering into an informal debt arrangement, if the creditor is agreeable, could be worked out for you. [...]
There are some insolvency cases that, due to the nature of the insolvent company, or the complexity of the case, become notable in history. The benefit of notable insolvency cases is that future insolvency practitioners (IPs) have the opportunity to learn from them. So, let’s take a look at the top 5 notable insolvency cases [...]
In June 2020, the Corporate Insolvency & Governance Act 2020 (CIGA) became law which introduced a new restructuring procedure for businesses. To support businesses in finding a way to recover rather than go through an insolvency process due to the pandemic, CIGA incorporated the Restructuring Plan, which gave companies that were struggling financially an alternative [...]
During the Coronavirus pandemic, businesses suffered badly, particularly small and medium-sized businesses. Whilst many businesses bounced back as restrictions were lifted, there are plenty still struggling to recover and grow. In April 2021, the Government announced the Recovery Loan Scheme (RLS), designed to provide support for businesses affected by the pandemic that need access to [...]
Insolvency practitioners (IP) are in demand, particularly over the past few years. An IP is a professional authorised to act on behalf of an individual of a company – partnership, private or public limited – in insolvency and bankruptcy procedures as laid out in the UK’s Insolvency Act 1986. In most cases, an IP’s background [...]
If you are an owner or director of a limited company and are dealing with personal debt, you may think that your personal debt may impact your company. In most cases, this isn’t true and that’s because a limited company is treated as a separate legal entity. Therefore, any debt you owe is not related [...]
