April 2025 NI Contributions The recent increases in National Insurance (NI) contributions and the minimum wage in the UK have posed significant challenges for small businesses. The rise in employer NI contributions from 13.8% to 15% and the lowering of the salary threshold for contributions have increased staff costs. Coupled with the minimum wage hike…
Borrowing on your business Borrowing on your business (in debit) or lending your business money (in credit). This article will focus on the former; when a director takes money out of the business that is not for their salary, dividends, or as an expenses repayment. In theory, taking out a Directors Loan can be a…
Are you thinking of winding down your business? You may be eligible for BADR. Business Asset Disposal Relief (BADR) was previously called Entrepreneurs’ Relief, and is intended to help you reduce the rate of tax paid on the disposal (sale) of ‘qualifying business assets’ for higher and additional rate taxpayers. BADR is applicable only to…
When a business faces insolvency, those overseeing the company’s liquidation or administration hold the power to scrutinise the conduct of its directors. Misfeasance, a term denoting wrongdoing by a company officer, can lead to significant penalties if proven. Defining Misfeasance in Insolvency Under the Insolvency Act 1986, misfeasance is identified when an officer of a…
Save Consultants, a Manchester-based company that presented itself as an alternative solution to formal insolvency proceedings, was ordered to be wound up in the public interest on 2 July. This decision followed a thorough investigation by the Insolvency Service, which revealed that the firm was operating as an unlicensed insolvency practitioner. The Official Receiver has…
In the vibrant world of business, encountering financial difficulties can be daunting. At DMC Recovery, we understand the importance of seeking help early when your business is facing financial problems. Our primary aim is to enable companies to continue trading and increase the prospect of recovery through effective restructuring if necessary. Comprehensive Operational Assessment The…
As insolvency practitioners, we see a lot of passion and drive from people starting businesses. It’s an exciting time, but it’s crucial to be aware of the challenges alongside the potential rewards. So, before you take the leap, here are some key considerations: Getting the Right Help While passion is essential, professional guidance can be…
June is Men’s Health Month, a time to raise awareness about the specific challenges men face in staying healthy. While societal expectations are changing, men are still statistically less likely to prioritise preventive care and open up about health concerns. This silence can have serious consequences. Not only on your health but also on your…
Financial distress is a stressful situation, and tax liabilities can add another layer of worry. However, at DMC Recovery, we understand there are steps you can take to manage your tax burden during difficult times. Here are some key tips to help you navigate tax liabilities in financial distress: DMC Recovery: Your Guide Through Financial…
Being a director of a company that becomes insolvent doesn’t automatically disqualify you from future directorships. However, the consequences depend on how the Insolvency Service assess your actions during your role as a director. Here’s what they will consider: If the Insolvency Service finds you breached your director’s duties, they may restrict your ability to…
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Stockport
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SK3 8AX
Andrew Bland and Janet Mayo are both authorised to act in the UK by the Institute of Chartered Accountants in England and Wales under licence number 9472 and 9595.
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