New rules being brought in by HMRC on 1 March 2012 will effectively ban the use of the informal winding up of companies to take advantage of 10% tax rates.
This announcement is largely in response to the growing trend of accountants advising their clients to leave profits in their company and then extract them at a 10% capital gains tax (CGT) rate on an informal winding up of their company.
From the many questions that we get asked by accountants and other business advisors, it is clear that there is a great deal of misunderstanding around the insolvency processes available to your clients......
Back in the day, many businesses funded their working capital via bank overdrafts. We all know that “the day” is long gone – and therefore other forms of financing are becoming more popular.
With effect from 1 February 2011 the amount of weekly wage payable by the government for redundancy in the event of an employer going bust has been increased from £380 to £400.
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.Many businesses operate as a limited company, and as the clue in the title suggests, enjoy the comfort that comes with limited liability. read more >>
Dodd & Co are celebrating the success of their insolvency specialist, Jackie Parsons, in the recent Joint Insolvency Examination Board examinations.
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A recent legal case has seen a company director being asked to pay over £60,000 of unpaid national insurance contributions even though the liability was within a limited company.
.Many businesses operate as a limited company, and as the clue in the title suggests, enjoy the comfort that comes with limited liability. read more >>
