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, 18/12/2014 | Permalink | Email this
If you can't pay corporation tax then you need help fast. HMRC don't wait long for their money. Times are hard for them as well as for you. There's a chance that if you can't pay corporation tax then you are probably struggling with PAYE and Vat as well. You could also be on stop with some of your suppliers. If this is the case then you really need help now. HMRC will not take any excuses if you can't pay corporation tax as the bill is an old bill and does not come as a shock. They will quickly distraint against any assets or issue a winding up petition. Neither are nice. Call TaxGone on 01302 815846 and we'll take all of the stress away, fast.
by Ken Greenworth, 17/12/2014 | Permalink | Email this
To Phoenix a company is an exotic expression. It means liquidating your old company and starting up a new company, doing exactly the same work. It happens all of the time. The procedure can be a straight forward liquidation or a Pre pack. If the old company owns a decent amount of assets, with predatory creditors hanging around, then a Pre pack is usually the best option. HMRC do not like you to Phoenix a company because they don't get paid. That makes them angry and you'll be on a black list that they deny having. HMRC may visit your new company and demand a bond equal to their loss in your old company, as they will deem that you are a risk to them. They may have you banned as a director because you are insignificant in their eyes, even though you'll probably not see many bank directors banned or even the directors in RMS Tenon. They live by a different set of rules! So if you are thinking that you want to Phoenix a company then talk to TaxGone on: 01302 815846 and prepare a safe way forward.
by Ken Greenworth, 16/12/2014 | Permalink | Email this
HMRC time to pay deals came into force after the 2008 financial crash. They were used by many companies. But some companies abused the HMRC time to pay program by delaying their payments whilst keeping the money in the bank. This deprived some companies in getting an agreement set up. Did it save jobs - probably. Was it a cheap exercise by the Government - yes, as each person on the dole costs the taxpayer around £8,000. An HMRC time to pay deal may seem like the best possible option that a company director can sign up to. However, a Company Voluntary Arrangement that also includes supplier debt is better, as there is rarely any interest charged and in most cases, debt is written off, with the balance repayable over 5 years. Where else can you get a better deal than that? An HMRC time to pay deal just does not come near as you will have to pay it all back and be charged all the usual extras. The main point to remember is that if your company has business cash flow problems then act straight away. Don't leave it until it's too late or your company may find that a Winding up Petition has been served at your registered office and your bank account has been frozen, then no HMRC time to pay deal will be of any use to you. Talk to TaxGone today on: 01302 815846 for more information.
by Ken Greenworth, 15/12/2014 | Permalink | Email this
A Company Voluntary Arrangement is a wonderfully thought out piece of legislation that has stood the test of time since 1986.
It is quite simply, for those in the know, the best rescue package that a company can get.
There is no other that is available using any insolvency Act that can rectify a cash flow problem so effectively.
Some directors panic when they are told that a Company Voluntary Arrangement is an insolvency procedure.
Their company is insolvent so why is it scary that an insolvency procedure would be used? We don't think that it is.
A Company Voluntary Arrangement keeps the directors in place as it does not change the status of a company, unlike any other insolvency procedure.
Call TaxGone on: 01302 815846 and discuss the benefits of a Company Voluntary Arrangement for your company.
by Ken Greenworth, 13/12/2014 | Permalink | Email this
Business cash flow problems are the main barrier to success. Defeat these and a wealthy future is yours for the taking. The peaks and troughs that occur as a result of business cash flow problems were once evened out by generous overdraft facilities that were provided by your local bank. That service barely exists anymore. In its replacement, many directors resort to personal financing by way of credit cards and home remortgaging. When the 2008 financial crash ripped through the ever optimistic western world, nobody thought that its effects would be so long lasting. Looking back, many economists believe that we were lucky to escape total collapse of the economic system. Some bank critics wish this had happened as they believe that the banks are no better now than they were before and that the Insolvency Service has totally ignored their horrific trading scams in preference to picking on small businesses that suffer business cash flow problems, often as a result of bad banking practices. If you run a business that is going through a tough time and you know that your business cash flow problems will get worse, then call TaxGone on 01302 815846 and we'll even out those troughs for you.
by Ken Greenworth, 12/12/2014 | Permalink | Email this
HMRC tax advice is dished out by thousands of companies in the small to medium business sector. Some of the advice is expensive whilst some of it is free. You get what you pay for doesn't count for much anymore. Look at the freebies that Apple and Google give away. Look at the cost of office printers - some are less than the cost of one cartridge! HMRC tax advice is free from TaxGone.
by Ken Greenworth, 11/12/2014 | Permalink | Email this
It happened last week, another business going bankrupt. Two of our colleagues went into the local town to buy some DVDs. They had only been to the shop a matter of a month ago and found that the films were great value. However, when they turned up, the shop wasn't just closed but a new shop had moved in selling Payday loans! There is a business going bankrupt in most towns every day. It has become a modern phenomenon that is reflective of how the Internet and new technology makes dinosaurs of out of date business models. Think of a great way of building a business and you could become a billionaire, but it is so much more difficult now to become a millionaire starting a traditional business. In fact the chances are high that you could have a business going bankrupt within the first few months. That's how quickly money disappears nowadays. Talk to TaxGone today on: 01302 815846 for assistance.
by Ken Greenworth, 10/12/2014 | Permalink | Email this
HMRC are not so bothered about whether they close a limited company or not if they owe back taxes.
They couldn't really care less now that they know that there are better ways to get their money.
The number of winding up petitions that HMRC now issue is down on last year.
Barristers defending winding up petitions are out of pocket now the Tax Man doesn't choose to close a limited company in preference to removing goods.
Toss a coin in the air if you're a company director that wants a time to pay arrangement with HMRC because those deals have nearly dried up and they'll opt for your goods or your company.
If you think that HMRC will make moves to close a limited company, then call TaxGone on: 01302 815846 and whichever way HMRC play it, we'll keep your doors open.
by Ken Greenworth, 09/12/2014 | Permalink | Email this
Time to pay HMRC deals are great. Unfortunately HMRC don't always allow them. There are always two ways of looking at things. You may look one way whilst HMRC looks the other way. Some people think that debt is a bad thing whilst others think that debt is fantastic. Those that like debt look at time being the destructive mechanism that erodes wealth. Those that hate debt believe that time creates wealth. It's easy to argue both sides. Both sides would agree that time to pay HMRC helps to discharge the debt. However, if you can't get time to pay HMRC then your options become very limited. If you have exhausted all avenues to borrow money, including from your Mother-in-Law, then formal insolvency procedures may become the last hope. Strange as it may seem a Company Voluntary Arrangement which is a formal insolvency procedure may be far more beneficial to your company than an accepted Time to pay HMRC deal.
by Ken Greenworth, 08/12/2014 | Permalink | Email this
A Company CVA is exactly what you need if your business is being buried by debt. Fighting the pressures on your own can sap your energy and eventually you can lose the will to continue. And that's how companies end up at the bad end of a Winding up Petition. Negotiating with HMRC is not easy. Let's face it, the odds are against you. You need an army to back you up. That's the power of a company CVA. You might have been struggling dealing with your regional office and feeling that nothing that you offer is good enough. Stand back and let the power of a company CVA fight your corner. Whilst HMRC were limiting their parameters to a few months for your payment to arrive, a company CVA can spread the payments over 5 years. Call Taxgone on: 01302 815846 and bring in the troops.