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, 28/11/2014 | Permalink | Email this
How many times do you feel that you have empty pockets? Are you unable to pay corporation tax? Unable to pay any tax? Unable to pay your suppliers? Unable to collect money from your customers? Are you frustrated because the work is out there but you can't fund it because of a ridiculously bad cash flow? Won't your bank listen? Can you believe the politicians when they tell you that things are getting better? If they really are, then why are you unable to pay corporation tax? It's tough out there and in many ways it's getting much tougher. You have to fight to get the work, fight to fund the work, fight to keep your employees motivated, fight to get paid and at the end of it all, the days seem so much shorter - but so are your energy levels! If you really are in this position and you are unable to pay Corporation Tax, PAYE or trade creditors then call TaxGone on 01302 815846 and we'll show you how. It's that simple.
by Ken Greenworth, 27/11/2014 | Permalink | Email this
Fast Business loans are a sign of urgent need, hence why often the interest charged on these types of loans are so high. These types of loans are often secured on domestic properties and rank just behind the charge belonging to the mortgage company. In the event of a default on any fast business loans, the loan company would have to seek permission from the fist charge holder, the mortgage company, to apply for repossession. This is often refused. Most small to medium businesses have lost their ability to raise money through traditional means and often have to resort to less conventional sources. It is shocking to see so many businesses resorting to pay day firms! If you are contemplating taking out any fast business loans then talk to TaxGone first, as we can show you far better ways to even out your cash flow. In many cases this will not cost you a penny.
by Ken Greenworth, 26/11/2014 | Permalink | Email this
A corporate voluntary arrangement, also known as a Company Voluntary Arrangement is all about getting an agreement. Everybody prefers to agree to something rather than argue. This is especially true if agreeing is in your interest. That's why a corporate voluntary arrangement works. If your cash flow has taken a battering and the bills just aren't going down then a corporate voluntary arrangement may be just what the doctor ordered. A recycling company in Liverpool recently had a corporate voluntary arrangement approved for over 4 million pounds with 90% of the creditors approving the move. If your company's creditors are persuaded to accept a payment of 30 pence in the pound over a five year period compared to nothing, if the company was to go into liquidation, then you could easily imagine that they would agree to support your company. It's all a matter of providing a logical solution. So call TaxGone on 01302 815846 to discuss what a corporate voluntary arrangement could do for your company.
by Ken Greenworth, 25/11/2014 | Permalink | Email this
If your company is not liquid then you may need liquidation advice. However one of the main problems for directors is that the liquidation advice that they receive does not often include the explanation of where the dangers lay for directors. Some directors believe, rightly or wrongly, that this is because this is the same area that the insolvency company can derive its bumper profits from. So doesn't it make sense to have a dry run liquidation first so that you know whether you are exposed to a claim from the potential liquidator.
by Ken Greenworth, 24/11/2014 | Permalink | Email this
A Voluntary Arrangement definition is simply a formal deal with people that are owed money. If a company owes money to creditors then a Company Voluntary Arrangement - CVA is the name for the deal. Many a Voluntary Arrangement definition goes into great depth but that's just detail.
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.