Posted By: Bretts Business Recovery Ltd on 7th July 2021
As R3 launch their Directors’ guide to getting #Backtobusiness, we’ve also been thinking about the importance of reviewing your business and knowing when to seek professional advice. Having worked with financially distressed businesses for...
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Posted By: Bretts Business Recovery Ltd on 8th June 2021
Car dealer John Brian Capper from Shipley, West Yorkshire, has been sentenced to an 18-month community order, including 250 hours of unpaid work, after failing to provide books and records when his company was wound up due to alleged tax liabilities...
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Posted By: Bretts Business Recovery Ltd on 4th June 2021
Important insolvency legislation changes have been proposed which mean that Directors of dissolved companies, particularly those that have received government support through bounce back loans or CBILS, can be investigated by the...
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Posted By: Bretts Business Recovery Ltd on 10th May 2021
The beginning of May saw the first letters go out requesting repayment of Bounce Back Loans (BBLs) which were made available by the Government from March 2021. But what happens if you can’t afford to pay back the loan and if you are a...
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Posted By: Bretts Business Recovery Ltd on 18th February 2021
One of the benefits of running a limited company is that Directors can take the majority of their remuneration as dividends, which is typically a more tax efficient method than taking a PAYE salary. The timing of dividend payments must be...
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Posted By: Bretts Business Recovery Ltd on 19th January 2021
HM Revenue & Customs (HMRC) has increased the threshold for Self-Assessment taxpayers to use its online self-service Time to Pay payment plan service from £10,000 in tax liabilities to £30,000. This has been put into place to help...
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Posted By: Bretts Business Recovery Ltd on 23rd December 2020
Construction firms are likely to face a significant squeeze to their finances when new rules on how VAT is collected by the building and construction industry come into effect 1st March 2021. The changes - the Domestic Reverse Charge (DRC) -...
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Posted By: Bretts Business Recovery Ltd on 28th November 2020
Government (belatedly) reintroduces suspension of wrongful trading rules The wrongful trading suspension was reactivated by the UK Government last week. What does this mean? In insolvency, directors that side-step their legal and fiduciary...
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Posted By: Bretts Business Recovery Ltd on 11th November 2020
Finance Act 2020 gives HMRC powers to make directors and others connected to a company, jointly and severally liable for the company's tax liabilities if the company becomes insolvent. It’s likely that many businesses will struggle to recover to...
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Posted By: Bretts Business Recovery Ltd on 14th October 2020
In insolvency, directors that side-step their legal and fiduciary responsibilities may be disqualified from being able to act as a director for a period of time. It is imperative that during difficult trading conditions directors remain vigilant...
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