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HMRC and Time to Pay Arrangements

As either a company or an Individual it can be worrying when you have built up arrears with HMRC, especially when you receive correspondence that they are going to commence proceedings to wind the company up or petition for your bankruptcy.

The Restructuring team have recently successfully assisted a number of clients in negotiating with HMRC and agreeing Time to Pay (TTP) arrangements to settle the liabilities.

Whilst each Time to Pay arrangement is agreed by HMRC on its own right, it is our experience that HMRC will expect the following to be incorporated within the TTP:

Armstrong Watson's Restructuring, Recovery & Insolvency Team goes international!

During the last year, the Armstrong Watson Restructuring and Insolvency team has been involved in a number of cases with an International element to them. Clearly, this brings additional challenges such as variances in legislation, working patterns and not to mention differing languages!

The following examples showcase the work of the Armstrong Watson’s Restructuring and Insolvency team:   

Not your usual business sale

Alternative Finance - What Does This Mean For Our Clients?

Whilst banks and more traditional lenders may have tightened up their lending appetite, over the past few years there has been an explosion of ‘alternative funders’ appearing in the market place. Funding growth, investing in new products or taking on a new opportunity all have an impact on cash flow. This is a real issue for businesses with 24% of small businesses saying that access to working capital and funding growth is their biggest business challenge. Historically turning to banks would have been the answer but this has become harder. Between 2012 and 2013 53% of small businesses who applied for a loan were declined and 60% of small businesses say it is harder to get credit than 5 years ago. The Alternative funding market has increasingly become the ‘go to solution’. In 2014 it was worth £1.74Billion and has shown growth of over 150% year on year. Could this be an option for our clients’ working capital requirements?

Financial Planning Team Continues to Grow

New team members join Armstrong Watson Financial Planning and Wealth Management and Penrith Private Client service. Tracy Horky and Iain Lightfoot are welcomed to the team.

Be Cyber Savvy

Guest article written by Premier BusinessCare.  You can read the full article here: https://www.premierline.co.uk/knowledge-centre/cyber-savvy-business.html

Disbursements VAT case ruling goes against Law Firm

A recent ruling in the first tier tribunal has gone against law firm Brabners, resulting in an HMRC VAT assessment of £68,000 being upheld.  This case should be of significant interest to all law firms providing conveyancing services and recharging fees incurred for property searches.

The case revolves around the treatment of electronic property searches procured from well known provider Searchflow.

Harnessing the Skills of the Younger Generation

Many of us who have or have had children at secondary school will know how it feels to be advising and coaching our young people in their career choices.

This will involve at least a consideration of further education, and we know if that choice is a college or university “out of area”, there is a strong possibility that our young people are likely to gravitate to job opportunities in the central belt or further afield.

Maximise the hidden resource in your business

One of the most pressing challenges for any business leader is to ensure that they have as much information as is required to make the best decisions for their company.

Sadly, “full knowledge” isn’t always possible, and there’s a measure of “discomfort” that arises from making big decisions without it.  Part of the “deal” of being a business leader is that, hopefully, the financial rewards compensate for the discomfort and uncertainty that comes with this decision-making responsibility.  

Tax advice for setting up a new business

According to Luke Johnson, one of Britain’s most successful entrepreneurs and the author of Start It Up, “Running your own business is easier than you think”.  But what happens if, like many people you are a little cautious about trading in your current job and taking the plunge? What if, instead, you want to keep working for your current employer whilst running your own business on the side?  If so, there are some considerations and future actions you need to be aware of in respect of tax.

HMRC collects extra £3.4bn from SMEs following VAT enquiries

In order to maximise its revenue from compliance investigations, HMRC is putting increasing pressure on small and medium sized businesses. As a result, many businesses could be at risk of enquiries into their tax filings.

For example, data recently disclosed by HMRC shows they collected £3.4bn in extra tax through analysis into SMEs for underpaid VAT alone.