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, 01/11/2014 | Permalink | Email this
In Britain Food rationing was brought in because the German submarines were attacking the British supply ships, even though it lasted until July 4th 1954 when all the submarines had been sunk.
The rationing was the only way forward to stop food hoarding and provide an equal share of food for all, as well as stopping price escalation. At first, butter, bacon and sugar was rationed whilst potatoes, fruit and fish were never rationed.
All Britons were encouraged to "Dig for Victory" by planting vegetables everywhere.
That National Spirit has all but gone and has been replaced by "every-man for himself", although many would point to the Olympics in defence - but that's games!
You have to look after yourself and your family now as nobody else will do it. That includes defending your business.
If your business has cash flow problems then it can often be a choice of food on the table or pay the bailiff. So take a step back and protect your business with a Company Voluntary Arrangement.
Find out more about Company Voluntary Arrangements today - Check out our Company Voluntary Arrangement homepage and call us on: 01302 815 846.
by Ken Greenworth, 31/10/2014 | Permalink | Email this
Some unfortunate people have to wait all year for Halloween to blend in. They'd say it's not fair - but hey, variety is the spice of life.
For many directors, it's not tonight's events that will be scary, but this morning's when a Winding up Petition from HMRC lands on their desk. Now that's a real fright!
Most directors let the paperwork fester whilst hitting Google at every available opportunity, looking up "HMRC DEBT". Their caffeine intake goes through the roof and panic sets in, taking its inevitable toll.
Quite often, the amazing happens and the director becomes Paul Daniels and in his mind, the petition vanishes into thin air.
In fact, when the petition is eventually advertised, and every man and his dog knows about it and that includes his bank manager, the director has been elevated to that very special place where Buddhist Monks strive to reach.
A place of tranquillity of inner peace and harmony where worldly matters - simply don't matter.
And who can argue, after all, hasn't the last few weeks been fine? In fact, HMRC have stopped ringing since they issued the petition. They must have realised their mistake.
It's probably all gone away. HMRC didn't mean what they said in those horrible papers. It was a case of someone getting out of bed on the wrong side.
I don't need a Company Voluntary Arrangement like all those silly callers are telling me! What did they call it - Ah yes! A CVA. My Dad had one of those and it was horrible and the hospital that cared for him was too.
No I definitely don't want a CVA. I'll just go to the Court Hearing and tell the judge it will be OK. - He'll understand that it was just a misunderstanding.
by Ken Greenworth, 30/10/2014 | Permalink | Email this
Britain is now an island of National Parks and no-go areas. There's not much in-between apart from settlement melting pots of people that have never spoken English.
In the next century the British will marvel at how visionary the National Trust was.
There will probably be competitions to define what being British means. They won't be able to ask anyone because indigenous people will be rarer than rocking horse mess.
What will business look like in a hundred years time? Some people believe that the big stores will be gone and replaced by the Internet and massive sole trader markets. If that's the case then Britain should have one of the most diverse markets in the world.
There certainly won't be any Winding up Petitions any more as all of the companies will be long gone.
At least 50 years ago the future held some predictability even if we did think that we'd be living on Mars by now!
You can be sure that, had we moved to Mars, a courthouse would have been one of the first public buildings to have been erected, so that winding up petitions could still be issued.
Issued with a Winding up Petition? Then contact TaxGone on: 01302 815846.
by Ken Greenworth, 29/10/2014 | Permalink | Email this
There are many companies that are trading whilst insolvent, which is illegal. However, some companies such as banks have run in an insolvent position for years. If small companies find themselves in such a position then the directors would have to rectify the position or face severe consequences. Trading whilst insolvent is when a company has more liabilities than it has assets or that it has more debts than it is able to pay - which pretty much sums up the position of some of the UK's banks. If as a director you find that your company is trading whilst insolvent then Call TaxGone on: 01302 815846 and we'll show you how to put things right.
by Ken Greenworth, 28/10/2014 | Permalink | Email this
Sometimes directors are pushed by either their accountant or an insolvency practitioner to place their company in administration. This recommendation is often given without giving the client a full explanation of all of the available options. Administration rarely helps a director as the power to run the company can terminate upon instruction and in more than 90% of cases, the company ends up in liquidation - so for directors - what's the point? Instead of an administration, look at a Company Voluntary Arrangement to save your business - do you really want to be investigated?
by Ken Greenworth, 27/10/2014 | Permalink | Email this
If there's no money in the old wallet then a quick business loan may be the next thought in any director's head when the cash flow dries up. This is a natural thought - but is it an entrepreneurial thought. Is it financially a good idea? You are in business to make money not lose it. Can you use other peoples money? Yes you can. So many "Establishments" have forgotten that business is all about risk. Risking other peoples money is often thought of as a crime by the "Do Gooders" but we all know that those people have safe jobs paid for by our taxes! It is business that drives the economy and those "Do Gooders" are only there by our consent and hard work - not theirs! So allow others to take your risk. Allow your creditors to decide whether your company is worth a gamble. After all, you have invested so much, why should you consider a quick business loan when you've created so much profit for your creditors in the past and kept lots of people employed when you have had to make do. So forget the quick business loan and call TaxGone on: 01302 815846 and we'll show you how.
by Ken Greenworth, 25/10/2014 | Permalink | Email this
A company voluntary arrangement is a procedure for a company director to rescue his company from financial disaster. Also known as a CVA! The procedure allows the director to stay in control of the business and to trade on. No other insolvency procedure can do this.
by Ken Greenworth, 24/10/2014 | Permalink | Email this
When a director wants to liquidate a company there are considerations that may not be apparent at the time of signing the liquidation papers. Have dividends have been paid at the time the company was insolvent? Is there an overdrawn directors loan account? Are there any unrealistic expenses claimed by the director? When did the company become insolvent? These questions could have a significant impact on the amount of money a liquidator could claim against a director. If the answers to these questions result in a big claim against the director from the liquidator then the idea to liquidate a company may change to saving the company.
by Ken Greenworth, 23/10/2014 | Permalink | Email this
The CVA experts are TaxGone and are available right across the UK to help businesses that are in financial difficulties. Most people find that the CVA experts are passionate about rescue to the point that they are surprised when directors can't be bothered to save their companies when a CVA - Company Voluntary Arrangement would often do just that, by allowing a company to make an agreement with its creditors in satisfaction of some or all of its debts.
by Ken Greenworth, 22/10/2014 | Permalink | Email this
You've done everything by the book and Bingo you receive a letter in the post and you find out that you have the delight of a vat inspection. Vat inspectors are like any other bunch of people - some great, some grotty and most just like your colleagues. It's just that they have a reputation based on a myth - probably just like traffic wardens. Be nice with them and they will be with you. A vat inspection is not to be feared, unless you have been fiddling the books! Sometimes it's a good idea to bring your accountant in especially if your arrangements are complicated. This could save many hours and keep you sane. If you have a vat inspection pending or a large vat bill as a result, then call TaxGone on: 01302 815846. You may be thinking that you can't afford to pay the vat bill and that Liquidation is the only course that you can take. This may not be true. Call us now and find out.