Welcome to TG News – we hope that you find our Blog News Channel interesting, informative and a temptation to collaborate.
This is not where you will find the general insolvency news, that’s in our SME News section. This is where you will find tidbits of breaking news that is released as it breaks – and not all of it relevant to the Insolvency Industry!
by , 08/07/2013 | Permalink | Email this
Testimonials and feedback from past clients that have used our services: "Our business was faced with a difficult situation that became out of the control due to short time frames - Through TaxGone we were able to enter into an arrangement, fully resolve the dispute and protect a significant proportion of the creditor balances." Maintenance Firm - Ipswich "After being almost shafted by "BT" not the telecoms BT, it was a pleasant surprise to deal with you and your staff." Engineering Firm - Bury "The advice and service I received was excellent, and very reassuring, at a very stressful time." Taxi Firm - Leicestershire "Your service for my voluntary liquidation was excellent. It is a highly stressful and confusing process to go through. Your staff were considerate and patient. They explained the process carefully and it was the first time in over a year that I fully understood it." Website Production Company - Leeds "Incredible people, incredible service, sometimes CVA may be your best choice." Textile Firm - Manchester "Alan was very helpful and both business like and friendly." Clothing Firm - Surrey "Very friendly company and quite happy" Furniture Company - London "TaxGone offer not just a professional service, but go above and beyond what is required by their clients, to make you feel there is light at the end of the tunnel no matter how bleak things seem." Building Company - Hampshire "The representative who highlighted the problem in the first instance then proceeded to offer valuable advice in relation to resolving the matter in the most efficient and cost effective manner." Waste Management Company - Liverpool "Tax Office DM: They are really helpful and supportive on personal level." General Store - London "I was advised by Alan of TaxGone with regards to how to deal with a winding up petition; the advice that I received was excellent. I would have no problem whatsoever returning to TaxGone for any future advice." Building Company - Derbyshire "I think the service I received from Alan was very good and I think you have a very valued member of staff on your team. I would recommend your service to anyone." Support Services - Birmingham "The Company Voluntary Arrangement allowed us to draw the line and start again, but with more knowledge from past experience. The banks gave me a little hassle but that was because they don't have a lot of info on what to do with a CVA client. I stuck it out and argued the case and they got there in the end. 2 months after the CVA we now have calm and carrying on with business." Security Company - Wiltshire "When help was needed the company contacted 3 similar solution providers, but on closer inspection only TaxGone were able to give straightforward answers in the available time frame and then steer us to the best solution without pressure." Building Company - Yorkshire "Many thanks for the professional manner that our case was handled with." Electronics Store - Dorset "Excellent and prompt service provided." General Store - London "TaxGone did everything they said they would. They enabled my company to restructure its outstanding HMRC debt and allowing us to repay in a realistic time-scale at an amount that does not prevent the company from expanding, taking a great weight from my shoulders. I would recommend them to anyone in business." Recruitment Company - West Yorkshire "Very helpful, fast response from staff, and would highly recommend this company to fellow directors who are facing tough decisions". Construction Company - Kent "Alan and Anita were extremely helpful, I would not hesitate to seek their advice again". Web Design Company - London "TaxGone are Empathetic and thoroughly professional". Training Agency - London "A prompt and helpful service that listened to my HMRC problems which at the time was appreciated as a listening ear that did provide comfort." Construction Company - London "The service I received from TaxGone has been excellent and I have been delighted with their knowledge and professionalism, particularly with the provision of the mannerism in dealing with sensitive nature of my issue". Catering Company - Tipton
by Ken Greenworth, 29/06/2015 | Permalink | Email this
Many accountants often define CVA procedures as a way of telling everybody that your company is insolvent but not going into liquidation. Any director hearing this will naturally say that the result of that would be to go into liquidation! It is much harder than you would think for many people to define a CVA. Ok, so you can say that it's the only insolvency procedure that allows a company to trade on when insolvent whilst being controlled by the same directors - and that would be true. What is not very well known is that a CVA is a new start but with the same company. The status of the company remains so that there is no startup headaches. Call TaxGone on: 01302 815846 to define CVA procedures that could persuade you not to liquidate.
by Ken Greenworth, 24/06/2015 | Permalink | Email this
If you have received an HMRC petition and have no idea how to pay the winding up petition then you may have to dig out your ration book if they wind up your business. The HMRC are now taking a harder line with directors as the economy improves. A HMRC petition is not a lonely document as HMRC petitions form the basis for a large percentage of winding up petitions in the UK. The most important action that you must take when you receive an HMRC petition is to arrange to adjourn the petition, if you wish to save your business. Call TaxGone on 01302 815846 and we'll arrange for Barrister representation to adjourn the HMRC petition.
by Ken Greenworth, 22/06/2015 | Permalink | Email this
One minute it's glorious sunshine and the next there's a downpour. Business is just as fickle.
Booming one minute and the next you are having to be an expert at closing down a limited company.
Something that you thought would never happen.
Closing down a limited company is not as simple as you may have been told.
Yes, it is simple to sign a few bits of paper and attend a quick meeting.
However when you start closing down a limited company, the liquidator will have to ask you questions that you may feel uncomfortable with.
Call TaxGone on: 01302 815846 to checkout whether you are going to need an umbrella.
by Ken Greenworth, 17/06/2015 | Permalink | Email this
What is a CVA. It is a Company Voluntary Arrangement. This is a formal arrangement to repay debt back to creditors. Many companies just want to struggle on. They choose to continue with little money being taken as a wage for the directors in the hope that there are better times to come. And there may be, but all too often the company has drained its resources and can no longer either fund jobs or take the jobs on due to lack of staff. Those types of directors don't want to know what is a CVA because they are blinkered. This is a shame as life is for living and it should be exciting not miserable. Go on - ask what is a CVA - we dare you! Live a little and take a chance. You never know, you might be very surprised, so make that first step and call TaxGone on: 01302 815846.
by Ken Greenworth, 15/06/2015 | Permalink | Email this
Not long after the 2008 financial crash hit, lots of company directors were shouting the words - liquidate my company.
Most companies were caught up in the sorry mess and still are, many years later.
As a director when asking to "liquidate my company" you will probably choose a creditors’ voluntary liquidation if your company can’t pay its debts.
It is worth noting that shareholders can voluntarily liquidate the company by voting and passing a special resolution to stop trading.
After asking to "liquidate my company" and passing the resolution for the voluntary winding up of the company, the resolution must be sent to companies house within 15 days which is then advertised in the London Gazette within 14 days.
The Licensed Insolvency Practitioner that heard your call to liquidate will take control over the company's affairs and notify Companies House.
As a Director, you will have to attend a creditor's meeting within 14 days of the resolution and notify the creditors 7 days before the meeting, at which they are at liberty to question why the company failed.
If you are in a crisis position and are thinking - liquidate my company, then call TaxGone on: 01302 815846 and we will ease you through the process.
by Ken Greenworth, 10/06/2015 | Permalink | Email this
An Insolvency Consultant is a very strange beast. It is very probable that upon meeting an insolvency consultant, you will realise that he or she has sampled, if not over-indulged, in many aspects of life. Many are from the school of hard knocks. Let's face it, if you want to solve your company cash flow problems then you need an insolvency consultant to tell you a solution from experience, rather than a text book. You want living proof that adversity has been overcome. You want a problem terminator! So if you want your financial problems terminating for good then call the T- 800 insolvency consultant that will avert the Doomsday scenario.
by Ken Greenworth, 08/06/2015 | Permalink | Email this
HMRC contact companies more than any other organisation, other than PPI firms of course. Most correspondence is the normal function of compliance whereas some communication relates to enforcement. This is when companies owe money to HMRC and it's time to pay up or close down. When the HMRC contact happens for enforcement, it can often lead to a winding up petition that can be very hard to dismiss, especially when your bank account has been frozen and the cash flow is tight.
by Ken Greenworth, 03/06/2015 | Permalink | Email this
Company debt problems may seem a long way off when you get close to nature. But they don't go away if you simply ignore them. Most company debt problems are solvable. They may not seem it but quite often the issue is that you may be too close to the problem. As the Americans say, you need to think out of the box. The box has very high sides when faced with all consuming debt and that's why you need someone to help you solve the company debt problems that has many years of experience. Call TaxGone on 01302 815846 and we'll help you get back to nature and relax.
by Ken Greenworth, 01/06/2015 | Permalink | Email this
The CVA process is very simple. A CVA is a Company Voluntary Arrangement and can be used all over the UK. It is a workable solution for a company to continue to trade, despite having overwhelming debt problems. Since 1986, CVAs have been used to save businesses, so the CVA process has been able to mature over the decades.
There is nothing new. Your company will have similar problems to hundreds of other companies that have proposed a CVA and come out the other side. Having a great CVA process is no good if the company director hasn't got the determination and drive to continue with the business. Proposing a CVA can be a very emotional process as you are rescuing your own business, often from a Winding up Petition. So have a chat with TaxGone on 01302 815846 to discuss what is best for you.
by Ken Greenworth, 27/05/2015 | Permalink | Email this
Pre Packs are the wild card in British Insolvency. Just like Elvis, you don't know whether its in the building or out! When a business runs into trouble and the director decides he wants to set up a Pre pack then the creditors are kept in the dark. The relative transparency of normal trading turns to a murky opaque mystery with a Pre pack. A deal is struck with the director of the business to purchase the assets and goodwill and move it all, without the liabilities, into a Phoenix company, sidestepping the creditors as it's all done behind closed doors. Without warning the process has been a done deal with the creditors left high and dry by the proactive and secretive product called a Pre pack. This product surely must have crept out of GCHQ, such is the subterfuge involved. It's James Bond, Indiana Jones and Tommy Cooper all rolled into one with the title of Insolvency Practitioner that confronts the creditors with the great news that the Pre pack has just saved another business. For more information on Pre Pack talk to TaxGone today.