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28 October 2022 Bounce Back Loans

To aid companies during the height of the Coronavirus pandemic, the UK government introduced Bounce Back Loans to supplement their finances. The loan could be used for a variety of reasons, as long as it was for the benefit of the company – as opposed to being used for a director’s personal expenditure. However, a…

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Every year, HMRC collects a substantial amount of money through Corporation Tax. This figure has increased significantly in recent years, even breaking annual collection targets. While this could be partially due to increased revenue from businesses translating into higher tax income for HMRC, it is also due to a lower tolerance for tax evasion. Although…

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For many companies, the threat of insolvency is something that will need to be dealt with at some point – especially given the current economic climate, plus the ripple effects of Brexit and the Coronavirus pandemic. When a company is faced with potential insolvency (i.e. being unable to pay all of its bills), the directors…

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30 September 2022 Business Insolvency

Many directors will want to release capital from their solvent company at some point. This could be while the company is still trading because of a lack of profitability or to spend the capital on the business; or because they are looking to close down the company, perhaps to take up a PAYE-role or retire.…

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23 September 2022 Business Insolvency

At the end of the liquidation process, insolvent companies will be wound up and cease to exist as commercial entities. While this has a wide range of consequences, one of the most important is the future of the company’s employees. Many will be without employment at this stage, entitling them to certain rights and benefits.…

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