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 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, 15/09/2014 | Permalink | Email this
There should be a public warning when companies persuade business owners to close a limited company without giving any indication of the fallout to come. It's just so easy to sign the liquidation papers. A few encouraging words like - "the pressure will be gone as soon as you sign these" - and "signing these will save you from prison" have been repeated many times over by those wanting a quick sell. You can close a limited company through liquidation and in many instances, it is the correct thing to do. But it is wrong to be persuaded to do so without having been given the alternatives. A Company Voluntary Arrangement will preserve the company and allow it to trade on rather than close a limited company through liquidation.
by Ken Greenworth, 13/09/2014 | Permalink | Email this
Phoenix insolvency happens all the time. This is when a trading company is liquidated and a new trading company takes over the assets. Sometimes this is accomplished with a straightforward liquidation, but it can also be done through a pre pack administration. It is not surprising that Phoenix insolvency is sometimes looked upon in a suspicious way. Conflicting opinions often are given by R3 and often by the same person and so there is no clear directive as to the moral and ethical use of Phoenix schemes. Telling you that you'll get in trouble for doing something wrong whilst not giving any guidelines is a daily obstacle for the modern day director. Probably that's why some Politicians have their stables heated at the expense of the public - because it doesn't say you can't. If you want to know more about Phoenix insolvency then call TaxGone on: 01302 815846.
by Ken Greenworth, 12/09/2014 | Permalink | Email this
Don't be afraid of asking for business debt advice. It is not an admission of failure. It's a step in the right direction. It's a readjustment that could put you back on the path to real success.
There's nobody out there that has had success without failing many many times beforehand.
Business debt advice is very mature in the UK, even if it is a little unforgiving at times. That is why you need plenty of time to look at all of your options. Having to take a decision in a hurry could be catastrophic, so seek business debt advice as early as you can.
There are many companies that can help you. We would obviously like to be the one that you choose and our clients would confirm that we would be a great choice.
So call TaxGone today on 01302 815846 for business debt advice you can trust.
by Ken Greenworth, 11/09/2014 | Permalink | Email this
Corporation tax late payment penalties can mount up very quickly and cause the demise of any business, whether new or old.
When the time comes to pay, money needs to have been saved to cover the tax. HMRC is now very strict about being paid on time as the coffers are pretty much empty.
So when the time passes for the tax to be paid, all the charges are heaped on top of the outstanding amount as a penalty for the corporation tax late payment.
There is no good excuse that HMRC will accept. Pay it or a Winding up Petition may just be on its way.
So if your alarm clock is about to go off as you believe that HMRC are about to send the boys around for a corporation tax late payment issue, then Call TaxGone on: 01302 815846 and we'll show you how to get things back on track again.
by Ken Greenworth, 10/09/2014 | Permalink | Email this
Business bankruptcy advice is not pleasant at the best of times. Most people would rather be discussing a new holiday or a business idea. But it is necessary and it can move you on to changing your life for the better.
Often the solutions that can come out of great business bankruptcy advice can have astounding consequences that may be quite unexpected.
Some companies that are insolvent manage to still trade on by an injection of money from willing (or reluctant) investors, the banks being a prime example. You may not be so lucky and so have to resort to using insolvency products.
What may to some directors be an impossible situation to get out of, to an advisor giving business bankruptcy advice, the problem may be solved through a simple solution. So don't bury your head in the sand when sanctuary may just be around the corner.
Call TaxGone on: 01302 815846 for a free meeting to sort the mess out!
by Ken Greenworth, 09/09/2014 | Permalink | Email this
Company voluntary arrangements are the most organised and efficient way to rejuvenate a cash strapped company. Every type of company has proposed a Company Voluntary Arrangement at one time or another. This is just as well given the way that small businesses often get the short end of the stick. Most company directors know the feeling of being trapped by their company. Everything starts out great. There's excitement and enthusiasm all around. Gradually the pressure increases and its not much fun anymore. There becomes very little room for manoeuvre as the business has to work because the home is charged to the bank. Credit limits weaken and so does the directors resolve as vicious circles become the regular pattern.
by Ken Greenworth, 08/09/2014 | Permalink | Email this
A Pre Pack is a cross between a magic trick and a wining lotto ticket, both of which put smiles on your face.
When your chips are down it's easy to take the fast option. Sometimes that's a mistake. Liquidation is the fast option but Pre pack could be the lifeline that you are looking for.
If you want to keep in business but really don't want to pay back money to your creditors, then a Pre pack could be a great option if there are valuable assets in your business.
Why don't you ring TaxGone on: 01302 815846 and see if a Pre pack is right for you.
You may be very surprised how quickly you can get your business trading profitably again.
by Ken Greenworth, 06/09/2014 | Permalink | Email this
Get freedom with free insolvency advice. Some companies charge for insolvency advice which is fine if the client is a major company, as the work involved may run into hundreds of thousands of pounds. But when we are talking about small businesses then why charge.
You wouldn't pay a plumber to give you a quote to fix a leak. It's no different. Free insolvency advice remember, is also a pitch for work.
Because the nature of insolvency problems means that the client is often desperate to have the up problems resolved, there is a tendency for the client to grab at the first given solution.
This can also be a mistake especially when the client may feel obliged to instruct the advisor having been given free insolvency advice.
You're in charge - keep it that way. How do you know what is the right decision if you have only spoken to one advisor? You don't, so take your time and then decide.
Call TaxGone on 01302 815846 and pick our brains and then compare us to our competition.
by Ken Greenworth, 05/09/2014 | Permalink | Email this
There was no such thing as a Company Voluntary Arrangement when Maggie came to power but by 1986 the Company Voluntary Arrangement - CVA was on its starting blocks are ready to help thousands of businesses to stay in business.
A Company Voluntary Arrangement has been a key management tool for many struggling companies over the years.
Many football clubs together with household names such as, Fitness First, Travel Lodge, JJB Sports and Blacks Leisure, have entered into a Company Voluntary Arrangement.
In most Company Voluntary Arrangement cases creditors, including HMRC, receive less than half of their outstanding debts, whereas in liquidation, they would receive very little.
This is one of the reasons why creditors are willing to allow the company to continue trading.
If you would like to see how a CVA has magical powers and can benefit your company, then please contact TaxGone on: 01302 815846.
by Ken Greenworth, 04/09/2014 | Permalink | Email this
The First World War is often cited as the first Global conflict but this is not really true. In 1756 The Seven years war was the first truly global conflict. But it is strange how given the lessons that history has taught us, countries are just as eager to pick up the gun. This is no different from everyday life. Directors know that you can't mess around with HMRC and yet they do and are still surprised when they receive a winding up petition from them. As soon as it arrives, the first thing that most directors want is HMRC petition help. All directors that receive a petition need to know that after a week from receiving the petition, it could be advertised and that may result in the company bank account being frozen. This is why most directors will need HMRC petition help. Contact TaxGone today on: 01302 815846 for free advice advice today.