Articles

As an employer you’re obliged to deduct income tax and National Insurance from your employees’ wages, and pay the total over to HMRC each month or quarter.

Company liquidation is a process that results in the closure of a business and its removal from the register at Companies House.

The Spongebob Plan is the name given to a process whereby a limited company with debts is closed down inexpensively.

A limited company is a separate legal entity to its directors, which in contrast to a sole trader business, means that profits belong to the company.

Although director redundancy is becoming more and more widely understood by insolvency practitioners, some confusion still exists which could severely reduce the amount of redundancy you receive. This confusion occurs when company directors have been paying themselves a salary which falls below legal minimum wage levels.

If you are awaiting payment from a late invoice or experiencing a shortage of cash, you may be able to renegotiate payment terms with HMRC, also known as a Time to Pay Arrangement.