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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Posted By: Bretts Business Recovery Ltd on 30th July 2020
The Finance Act 2020 received Royal Assent on 22 July, confirming that from 1 December 2020 HMRC will become a secondary preferential creditor in insolvencies. This is a disappointing announcement for the insolvency industry which believes the...
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Posted By: Bretts Business Recovery Ltd on 29th July 2019
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 - called the Domestic Reverse Charge (DRC) - come into effect from 1st October this...
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Posted By: Bretts Business Recovery Ltd on 31st October 2018
As Philip Hammond delivered his third Budget as chancellor with his comment of the Era of austerity is "finally coming to an end”, as always, we see some winners and losers. One of the changes that will have a big impact despite not capturing the...
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Posted By: Bretts Business Recovery Ltd on 30th April 2018
Voluntary strike off If you are looking to cease trading and close down your company, you may find that there are various options open to you. If your company is solvent, meaning there is no outstanding debt to creditors and is fully up to date...
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Posted By: Bretts Business Recovery Ltd on 16th April 2018
The Christa Ackroyd v HMRC tax case is a typical IR35 case and sets a precedence, as this is the first ruling under this legislation in seven years. In this case, HMRC claimed that the IR35 regulation applied and that a BBC presenter should be...
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Posted By: bretts_admin_access_account on 13th November 2017
We recently reported how in our experience we have seen HMRC increasingly use its powers to pursue directors personally to recover revenue. Schedule 41 of the Finance Act allows HMRC to seek recovery of lost revenue personally from an officer of...
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Posted By: bretts_admin_access_account on 12th June 2017
John Barrie Wilson, a solicitor has been suspended indefinitely after breaching conduct rules by preferring his bank as a creditor over HMRC (Her Majesty’s Revenue & Customs), leaving the Exchequer a shortfall of hundreds of thousands of...
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