Are Your Cash Reserves Dwindling As A Result of COVID-19?
The Coronavirus pandemic has blindsided the entire world and has blazed a path of economic destruction throughout all areas of business.
Companies across the length and breadth of the UK are scrambling to deal with the devastating effects of the virus. In this uncertain climate, only one thing is clear: it is crucial to obtain expert tax and insolvency advice you can rely upon. This is where TaxDebts can help.
Why Expert Advice is Essential
The sudden impact of the pandemic has highlighted the problem that many UK businesses, sole traders and self-employed professionals simply do not have a financial safety net in the event of a short-term cash flow crisis.
With many companies just about treading water, there is now a real danger that thousands of enterprises could struggle to satisfy their debts and find themselves served with winding up petitions and perhaps even liquidation.
Swift and decisive action is needed in these circumstances, yet many company directors are unaware of the options available to them. Thanks to our 25 years of experience, TaxDebts is perfectly placed to guide business owners through this turbulent time. Here are just a few areas where we can help.
Time to Pay Arrangements
The effects of COVID-19 on cash flow is astronomical, with no immediate return to normal trading in sight. As a result, many business owners will feel that they need some breathing space to help them satisfy their tax and other financial obligations.
We specialise in time to pay arrangements and understand not just the challenges that business owners face, but also the limitations of HMRC's remit and discretion.
TaxDebts can use this in-depth knowledge to guide you through the process and ensure success. We will also act as a bridge between HMRC and yourself, taking a weight off your shoulders and leaving you free to concentrate on your business.
Members Voluntary Liquidation (MVL)
If your financial reserves are slowly dwindling due to the COVID-19 cash crisis, you may come to the unfortunate conclusion that there is no viable way to continue the business and it is better to permanently close before it is too late.
An MVL lets you extract profits from your firm in the most effective way, by receiving a lower tax rate on dividends and benefiting from a flat Capital Gains Tax rate of 10% with Entrepreneurs' Relief.
TaxDebts can help you quickly release the equity tied up in your business, ensuring that your personal stake is safe and secure. This leaves you free to enjoy the fruits of your labour and gives you the perfect opportunity to start something new.
Establishing Phoenix Companies
A phoenix company is one that literally ‘rises from the ashes’ of another company, when the existing directors purchase the underlying assets. The term can be used to describe a new company that emerges during pre pack administration
A phoenix company can pick up exactly where its predecessor left off, provided all the rules have been followed. This is a procedure that often saves jobs and prevents other businesses suffering the common ‘ripple effect’ of insolvency.
TaxDebts has amassed extensive experience in helping companies rise from the ashes and is well-versed on the steps you need to take to ensure total compliance. Our knowhow can help your company achieve a totally fresh start.
Get Expert Advice Today
Why You Can Rely on TaxDebts
A Personal Service
TaxDebts will tackle your problem as though it was our own. In addition, we will only offer advice and guidance that we would follow ourselves.
Advice You Can Trust
We will never force you down a specific route. Instead, we will provide you with all available options and support your final decision.
Here When You Need Us
We know you may need to contact us a lot during this time. That is why we are always available, including weekends and Bank Holidays.