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How to Apply for a Business Recovery Loan after Covid-19 in the United Kingdom

Apply for a Business Recovery Loan

During the Coronavirus pandemic, businesses suffered badly, particularly small and medium-sized businesses. Whilst many businesses bounced back as restrictions were lifted, there are plenty still struggling to recover and grow. In April 2021, the Government announced the Recovery Loan Scheme (RLS), designed to provide support for businesses affected by the pandemic that need access to […]

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June 28, 2022


How to Become a Licensed Insolvency Practitioner in the UK: Traits of a Good IP

become an insolvency practitioner

Insolvency practitioners (IP) are in demand, particularly over the past few years. An IP is a professional authorised to act on behalf of an individual of a company – partnership, private or public limited – in insolvency and bankruptcy procedures as laid out in the UK’s Insolvency Act 1986. In most cases, an IP’s background […]

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June 23, 2022


How Personal Debt Can Affect a Limited Company in 2022

If you are an owner or director of a limited company and are dealing with personal debt, you may think that your personal debt may impact your company. In most cases, this isn’t true and that’s because a limited company is treated as a separate legal entity. Therefore, any debt you owe is not related […]

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June 11, 2022


Rishi Sunak’s Wife’s Tax Controversy: All You Need to Know

Rishi Sunak’s Wife’s Tax Controversy

Last month Rishi Sunak’s wife, Akshata Murty, was plunged into a tax controversy due to her non-domiciled status in the UK. The Chancellor’s wife was considered to allegedly have avoided paying UK tax on her income and faced a lot of criticism for her decisions. The issue is based on two main aspects; one, that […]

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June 1, 2022


How to Calculate Members’ Voluntary Liquidation Tax | Tax Calculator

Members’ Voluntary Liquidation tax

There are two principal ways to close a solvent limited company; either a voluntary or informal strike-off or through a Members’ Voluntary Liquidation (MVL). It is often believed that an MVL is the most tax-efficient way, but it may not always be the best option, particularly when it comes to how much tax shareholders will […]

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May 22, 2022


How Much Long-Term Debt Should a Company Have in the United Kingdom?

How Much Long-Term Debt Should a Company Have in the United Kingdom

Recently the Bank of England (BoE) reported that total corporate debt had risen by around 6% over the past two years in the UK. Their figures also revealed that small and medium-sized (SME) businesses carried more of the burden – by as much as a third – than larger listed businesses, principally because they were […]

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May 14, 2022


How to Claim Entrepreneurs Relief in a Members Voluntary Liquidation (MVL)

MVL Entrepreneurs Relief

Suppose you are closing a solvent business through a Members’ Voluntary Liquidation (MVL) process and selling the business’s assets. In that case, you will be liable to pay Capital Gains Tax (CGT) on the profits of all qualifying assets that are sold. However, you may be eligible for tax relief on CGT, which was called […]

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May 3, 2022


Employee Rights during a Temporary Business Closure in the United Kingdom

Employee Rights during Business Closure

The coronavirus pandemic caused many businesses to close temporarily and many employees were placed on the government’s furlough scheme. The period the business is closed is known as a lay-off and during this time, employees are entitled to receive their normal pay throughout the lay-off. However, some employee contracts have a clause that allows an […]

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April 28, 2022


United Kingdom Companies Act 2006 Explained

Companies Act 2006

The Companies Act 2006 is legislation that governs companies in the UK in just about every way a company is managed, run and financed. It took over from the Companies Act 1985 and was implemented in stages, the last starting in 2009, and provided public and privately run companies in the UK with common corporate […]

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April 14, 2022


All You Need to Know About the United Kingdom Insolvency Act 1986

Insolvency Act 1986

The Insolvency Act 1986 was as law after the Cork Review Committee’s report on Insolvency Law and Practice in 1982. Prior to the report, insolvency issues were dealt with under as many as 50 different Acts of Parliament, such as the Bankruptcy Act 1914, the Companies Act 1948, the Deeds of Arrangement Act 1914 and […]

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April 5, 2022


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