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Facing HMRC Arrears? Strategies for UK Businesses
For many UK businesses, a significant concern in the current economic climate is outstanding tax liabilities owed to HMRC. With rising costs and tighter margins, meeting tax obligations can be challenging. However, there are proactive steps businesses can take to address HMRC arrears and navigate this situation effectively. Understanding the Consequences of Late Payments Ignoring…
Bounce Back Loans & Insolvency Scenarios
The Bounce Back Loan Scheme was introduced on May 4, 2020, allowing businesses to borrow between £2,000 and £50,000, with 1,531,095 loans granted totalling £46.53 billion. These loans came with attractive features such as a low interest rate of 2.5%, a 12-month interest-free period, and a repayment term of 6 years. The intended use of…
Don’t Wait Until It’s Too Late: When to Consult an Insolvency Practitioner
We understand. Insolvency practitioners often get called in when things seem dire, like the financial Grim Reaper hovering at the door. But here’s the secret most business owners don’t realise: we’re not just about closures and liquidation. In fact, our expertise can be your lifeline, helping you restructure, explore rescue options, and navigate a path…
What is an Insolvency Practitioner?
Insolvency is a highly regulated professional service. If a firm offers “insolvency services” there must be a licensed Insolvency Practitioner (IP) within the business. Insolvency practitioners have often qualified as accountants before they specialise in insolvency. It is important that they have a good understanding of business finance. There are many firms which claim to…
Struggling with Your Commercial Lease? An Insolvency Practitioner’s Guide to Early Termination
Financial difficulties and a burdensome commercial lease can feel like a double blow. But before you resign yourself to the entire term, there are options! Here, we at DMC Recovery explore ways to potentially exit your lease early and free up vital resources for your business. Commercial leases generally include “break clauses” that allow either…
Preparing to Close Your Business and Claim BADR
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…
