Lincolnshire police force potentially faces the unenviable accolade of being the first police force to issue a notice under Section 114 of the Local Government Finance Act 1988 which effectively declares the police force bankrupt! Many local authorities have issued section 114 notices declaring themselves bankrupt but no police force has done so yet. Lincolnshire […]
It is five years since the government introduced the Covid financial support schemes. Much has been written about the widespread abuse of those schemes. But has the passage of time started to dilute the number of examples of directors being punished for their misdemeanors? The answer is a resounding no. A quick look on The […]
In the case of G Quillan v HMRC [2025] UKFTT 421 (TC), the director owed £439,954 to his company. The company was placed into liquidation and the liquidators reached a compromise with Mr Quillan and accepted £57,498. The liquidator closed the liquidation and HMRC raised an assessment under S415(1) Income Tax (Trading and Other Income) […]
Joint Administrators of Control Solutions & Pipework Services Limited – In Administration SEEK OFFERS FOR THE BUSINESS ASSETS AND STOCK Stainless Steel Hygienic Process Pipework Fabricator and Installer South-West Based Next steps
One aspect of the Spring Statement which has been overlooked is the Chancellor’s attempt to collect in more tax debt. There is around £44 bn of tax debt with just under half of this over 12 months old. The Chancellor announced that HMRC will recruit 500 more compliance staff to assist with the debt collection […]
Hull Based Manufacturer of Steel Security Cabins and Stores Seeking offers for whatever interest the company has in the following: Next steps
In the case of Bass & Ors vs Buchanan, the director was ordered to repay her director’s loan account balance of just under £300,000 which she had sought to re-categorise as remuneration shortly before her company had entered into liquidation. Historically, the director had received a modest salary of £6,000 pa and paid herself a […]
The tax rate on qualifying gains for Business Asset Disposal Relief (BADR) will increase from 10% to 14% with effect from 6 April 2025. If you have any clients who are considering placing their companies into a solvent liquidation…time is running out and there is only 5 weeks left! Early engagement with an Insolvency Practitioner […]
The High Court is to hear a legal case to see if Funding Circle can pursue business owners under personal guarantees. A debt purchaser, Azzurro Capital, has purchased approximately 10,000 loans from Funding Circle with an approximate face value £500m. Azzurro and Funding Circle have sought to enforce the personal guarantees but in a very […]
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