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 timeframes - 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 timescale 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 extremley helpful, I would not hesitate to seek their advice again". Web Design Company - London
by Ken Greenworth, 20/11/2014 | Permalink | Email this
Company Voluntary Arrangements
There are not many company directors in the UK that when served with a winding up petition - do not bat an eyelid.Those few pieces of paper tend to focus the attention and kick-in the survival instincts.
If the winding up petition is advertised then panic can set in, especially when the company bank account is frozen.
Then every man and his dog rings the director to provide assistance – some genuine, most not.
That is often the time when confusion sets in and the correct time when directors should move away from the phone and research their predicament for themselves, with common sense for their business.
Directors should decide first and foremost whether they have the desire to continue to trade – do they like the work? – if the answer is no and they just want to walk away then Voluntary Liquidation may be the answer.
If, however, the answer is either yes, or no but there is no alternative way of earning a living, then a Company Voluntary Arrangement - CVA may be the best route to take.
If there is a winding up petition in place then it would be dismissed upon the approval of a Company Voluntary Arrangement.
So – Google Company Voluntary Arrangements and see if you like the feel of the procedure. You should think of a Company Voluntary Arrangement as a mechanism for giving your company more time and legal protection from creditors to sort out its financial affairs.
For further information and free advice, check out our Company Voluntary Arrangement homepage and give us a call on: 01302 815 846.
You will have probably realized that, although we take our work very seriously, we do not approach life with the same attitude.
So many insolvency companies have the atmosphere of a morgue. Come and visit us and you will immediately see that we are very different and you may be very surprised!
by Ken Greenworth, 19/11/2014 | Permalink | Email this
There are times when directors deserve an Oscar or two for dodging creditors. When this happens there is only going to be one outcome and that is a Winding up Petition.
If the creditor is HMRC then that outcome is even more likely. Instead of ducking and diving set up a Company Voluntary Arrangement as the days of The Godfather are long gone and horses are hard to get hold of.
TaxGone provides assistance at zero cost to directors and shareholders of small to medium businesses throughout the UK in the preparation of Company Voluntary Arrangements.
TaxGone arranges for the adjournment of winding up petitions, especially when issued by HMRC.
The adjournment period allows for the preparation of a Company Voluntary Arrangement. A Company Voluntary Arrangement can include all unsecured debts, including HMRC.
Redundancies and certain leases may also be included.
This is the best route for a director as the company carries on trading and preserves the money that customers owe to the business.
by Ken Greenworth, 18/11/2014 | Permalink | Email this
A CVA proposal is like a marriage proposal. It should not be entered into lightly but honestly. It is a two way arrangement. Both parties agree to set terms and conditions. If these terms are broken then there may be penalties - some blatantly obvious, others not. Some directors are not aware of CVA Proposals and it comes as a shock that HMRC debt can be spread over five years with no further interest and penalties. A CVA proposal is a combination of an historical account of how the proposing company ended up in the position of having to ask creditors for continued support along with documented changes to the company that will enable the company to make payments to the creditors. There will also be historic financial data together with cash flow projections that support the payment proposal. If you would like detailed information on a CVA proposal then call TaxGone on: 01302 815846.
by Ken Greenworth, 17/11/2014 | Permalink | Email this
HMRC Winding up Petitions are issued on a regular basis to companies across the UK and are mostly heard in the Royal Courts of Justice in London. If you have received an HMRC Winding up Petition then you need to act quickly even if there is a two month period prior to the hearing date.
If your bank finds out about the HMRC Winding up Petition, then they may freeze your bank account which could put you out of business immediately.Call TaxGone on: 01302 815846 to avoid losing your business.
by Ken Greenworth, 15/11/2014 | Permalink | Email this
Voluntary liquidations are rampant when natural disasters hit. In 2005 when hurricane Katrina hit the Gulf Coast, businesses were wiped out in the hundreds in an instant. No time for preparation or careful planning. Here today, gone tomorrow. Your business is different as you can have the luxury of the time to organise your affairs properly. There's no rush, just an orderly process that takes your company through a voluntary liquidation.
by Ken Greenworth, 14/11/2014 | Permalink | Email this
There are times when closing a limited company and flopping onto the beach is the desired choice. That may be so but the decision could come and haunt you later on when HMRC turn up at your new company and demand a tax bond equivalent to their loss on your old company. The haunting may continue when closing a limited company gives the insolvency practitioner the right to issue you with a bankruptcy petition for the money that you owe your liquidated company. If you are considering closing a limited company then consider the decision at the offices of TaxGone. A liquidation will cost you from £3,500 plus vat and include a dry run liquidation to eliminate shocks. But you may find that company rescue becomes a better choice. Talk to TaxGone today on: 01302 815846 we will always act in your best interest, and are committed to putting your needs first. We are ready to help you and your business, with no obligation and in the strictest confidence, have a look at our testimonials and give us a call.
by Ken Greenworth, 13/11/2014 | Permalink | Email this
A Company Voluntary Arrangement is a formal payment agreement between a company and its creditors allowing repayment of a debt over a period of time, usually with a portion of the debt written off in the process.
Creditors faced with receiving nothing if a company ceased to exist, would rather vote for the Company Voluntary Arrangement than face losing out altogether.
Company Voluntary Arrangements save businesses, allowing you to continue to trade and your creditors to still get paid, alleviating the financial pressure on them as well.
You may have been told that you can’t set up a Company Voluntary Arrangement or that a Company Voluntary Arrangement is not right for your company. We often hear this and in your case it may be true. What if you have been given incorrect information?
Would you want to save your business? We don’t know one way or another whether a Company Voluntary Arrangement is the right course of action until we know the facts. But we do know that if it is, then setting up a Company Voluntary Arrangement is easy and hugely beneficial for shareholders.
If you company owes creditors, including HMRC, more than £20,000 and there is there is still potential for continued sales at a profit, then your company may be suited to propose a CVA.
Talk to TaxGone today on: 01302 815846
by Ken Greenworth, 12/11/2014 | Permalink | Email this
Everyone likes a late show sometimes but a corporation tax late payment doesn't make HMRC smile as it is based on company profits that catered for the tax payment.
Don't make a farce with your performance when providing your one-liners to HMRC. They are probably old comedy sketches that HMRC have heard many times before.
They know that the dog didn't eat the paperwork and they know that your accountant hasn't disappeared off the face of the Earth.
A corporation tax late payment can often lead to other types of taxes such as PAYE and VAT becoming overdue.
The money gets spent on new supplies and then a customer goes pop and there's nothing left for HMRC.
The next thing that happens is the surprise of an HMRC winding up petition dropping on the desk.
If you think that you may have a corporation tax late payment problem, then call TaxGone on: 01302 815846 and learn how to deal with the problem in an instant.
by Ken Greenworth, 11/11/2014 | Permalink | Email this
A CVA is not what any director wants but it may be what a director needs. No director really wants to engage in any insolvency procedure. In reality they would rather borrow money from family and friends, remortgage their house or sell the family jewels. There is no logic in this thinking at all! Using a CVA to restructure a business is the best way to deal with cash flow problems. The purpose to being in business is to increase the shareholders net worth so why use personal money to fund a limited liability business? If you do, your wealth will deteriorate.
by Ken Greenworth, 10/11/2014 | Permalink | Email this
A Pre Pack Administration is as as organised as one of Jack Black's films. But unlike the mess that Jack often gets into, a Pre pack by its very nature, is sorted before it's started!