What is Pre-Pack Administration?
After well over a century in business, the iconic British department store, House of Fraser, was facing severe financial difficulties and the road to liquidation was closing in on them The end of an e...
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What is Administration?
For years now, customers have flocked online, leaving the high streets barren In their masses, clothing retailers have dissolved or moved to the digital space in a bid to recoup their losses Pretty...
Read MoreWhat Fiduciary Duties do Directors have in the UK?
In 1993, a vicious fire ripped through the premises of D'Jan of London Ltd, destroying approximately £174,000 worth of stock (Roughly £350,000 in 2019) While the fire was devastating, the company’...
Read MoreI've Received an APN — What Should I Do?
In September 2014, Raymond (not his real name) received an accelerated payment notice (APN) from HMRC “We wrote to you on 2nd September, to tell you that we were going to send you a partner payment ...
Read MoreHow Do You Close a Company in Scotland?
Some time in 578 AD, Prince Shōtoku invited Korean craftsmen to Japan to help build a new Buddhist temple One of the craftsmen decided to start his own construction business in Japan, which he called...
Read MoreWhat is the Difference Between Balance Sheet Insolvency and Cashflow Insolvency?
In 2016, Ben Kay (not his real name) founded a small construction company, specialising in high-end residential home additions Kay had a strong trade background but wasn’t overly experienced in runn...
Read MoreWho Gets Paid First when a Company Goes into Liquidation?
During liquidation, the liquidator sells off a company's assets and distributes the funds to its creditors However, the liquidator must pay creditors in a very precise order The simplest way to thi...
Read MoreWhat Tax Schemes Are HMRC Targeting with the Loan Charge?
On 20th June 2012, then Prime Minister David Cameron took time out of his day to criticise the tax affairs of popular comedian Jimmy Carr While it might not have felt like it at the time, Cameron’s...
Read MoreHMRC Poised to Unleash £3.2bn Loan Charge on 5th April 2019: Are you affected?
HMRC poised to levy £32 billion in historic charges on loans dating back to 1999HMRC’s loan charge applies to all outstanding third-party employment loans made since 6th April 1999Original settlem...
Read MoreA Quick Guide to the 2019 Loan Charge
(For our in-depth analysis of the 2019 loan charge, see our full loan charge here) On 5th April 2019, HMRC will gain a new tax power called the loan charge and will levy £32 billion in new t...
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Barry John Stewart and George Dylan Lafferty are authorised to act as insolvency practioners in the UK by the Institute of Chartered Accountants of Scotland. Company Registration Number SC 477598 | VAT Registration Number 192 5146 03 | Data Protection Registration A1056203 | FCA Registration Number 766693 | Registered office: 2nd Floor Suite 148, Central Chambers, 11 Bothwell Street, Glasgow G2 6LY.