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How to Claim Entrepreneurs Relief in a Members Voluntary Liquidation (MVL)
Suppose you are closing a solvent business through a Members’ Voluntary Liquidation (MVL) process and selling the business’s assets. In that case, you will be liable to pay Capital Gains Tax (CGT) on the profits of all qualifying assets that are sold. However, you may be eligible for tax relief on CGT, which was called […]
May 3, 2022
Employee Rights during a Temporary Business Closure in the United Kingdom
The coronavirus pandemic caused many businesses to close temporarily and many employees were placed on the government’s furlough scheme. The period the business is closed is known as a lay-off and during this time, employees are entitled to receive their normal pay throughout the lay-off. However, some employee contracts have a clause that allows an […]
April 28, 2022
United Kingdom Companies Act 2006 Explained
The Companies Act 2006 is legislation that governs companies in the UK in just about every way a company is managed, run and financed. It took over from the Companies Act 1985 and was implemented in stages, the last starting in 2009, and provided public and privately run companies in the UK with common corporate […]
April 14, 2022
All You Need to Know About the United Kingdom Insolvency Act 1986
The Insolvency Act 1986 was as law after the Cork Review Committee’s report on Insolvency Law and Practice in 1982. Prior to the report, insolvency issues were dealt with under as many as 50 different Acts of Parliament, such as the Bankruptcy Act 1914, the Companies Act 1948, the Deeds of Arrangement Act 1914 and […]
April 5, 2022
Best Insolvency Service in Norfolk & Suffolk
As businesses start to emerge from the coronavirus pandemic, the reality of government backed loans, furlough schemes and lost revenue is starting to bite. Couple that with rising energy costs, interest rates going up and inflation predicted to hit 8%, the number of companies struggling with debt is growing. Recent statistics report that in January […]
March 24, 2022
How Much Does an Individual Voluntary Arrangement Cost in 2023 in the United Kingdom
If you are personally struggling with debt to the point of insolvency, i.e. your outgoings are much greater than your incoming funds, it may have been suggested to you – or a creditor is forcing the issue – that you enter an Individual Involuntary Arrangement (IVA). An IVA is a legally-binding agreement made between you […]
March 13, 2022
Director’s Loan Account: How Does It Work?
If you are a director of a limited company, you have the ability to borrow money from the business, i.e. make a withdrawal, as long as it’s not for a dividend, salary or repayment of an expense, and it’s not money you’ve loaned or paid into the company. Each director of a limited company has […]
March 1, 2022
How Do Employees at a Private Company Liquidate Their Equity?
Larger private companies in the UK sometimes reward their employees by giving them equity in the company, i.e. shares. It can often be used as an employee perk or part of a remuneration package, particularly when an employee has completed so many years in the business or is promoted to a senior position. Employers opt […]
February 17, 2022
How Leading Will Help in Administering Insolvent Deceased Estates
Administering the estate of a deceased person can be complex and time-consuming. However, dealing with insolvent deceased estates is even more complicated for executors of the estate and the deceased’s family. Insolvent deceased estates are handled differently to insolvent businesses or individuals. Firstly, the Insolvency Act 1986 does not cover the administration of insolvent estates. […]
February 7, 2022
Creditors’ Voluntary Liquidation vs Business Rescue
The latest insolvency statistics showed that the number of company insolvencies had risen by 63% in October 2021, compared to October 2020 which had 1,405. But the figure that stood out from this data is the number of Creditors’ Voluntary Liquidations (CVLs) – 1,248 companies in October alone, which is higher than pre-pandemic levels. Entering […]
January 30, 2022
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