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An Accelerated Payment Notice can create an immediate and potentially serious financial challenge for a business. Rather than waiting for a tax enquiry, appeal or tribunal case to reach its conclusion, HM Revenue & Customs may require the disputed amount to be paid upfront. For companies that have already used the funds within the business, […]
Understanding Liquidation and HMRC’s Role Liquidation is the formal process of closing a company, selling its assets, and using the proceeds to repay creditors where possible. Once the process is complete, the company is dissolved and ceases to exist. There are three main types of liquidation in the UK. A Creditors’ Voluntary Liquidation (CVL) is […]
Business Asset Disposal Relief (BADR) has long been a valuable relief for directors and shareholders looking to extract funds from their company in a tax-efficient manner. It is particularly relevant in the context of a Members’ Voluntary Liquidation (MVL), where distributions are typically treated as capital rather than income. However, an upcoming change to BADR […]
What is a Time to Pay Arrangement? A Time to Pay (TTP) Arrangement is a formal payment plan agreed between a business and HMRC that allows additional time to settle outstanding tax liabilities. Rather than facing immediate enforcement action, a business can spread its payments over a series of affordable instalments, giving it breathing space […]
Corporation tax is a statutory obligation for all UK limited companies, calculated on annual profits. For many businesses, this liability can feel like a heavy burden, particularly where profit on paper does not match available cash in the bank. There a number of reasons why companies can fall behind with corporation tax; seasonal cash flow […]
Understanding Entrepreneurs Relief in Solvent Liquidations Entrepreneurs Relief, now known as Business Asset Disposal Relief (BADR), has undergone significant evolution since its introduction. Originally established in 2008 to incentivise entrepreneurship and investment, Entrepreneurs Relief provided favourable tax treatment on the disposal of qualifying business assets. Over the years, the relief has seen several refinements, culminating […]
When considering the closure of a solvent company, many directors and shareholders look to a Members’ Voluntary Liquidation (MVL) as a tax-efficient route to extract value. At Bridgewood, we often guide clients through this process and, whilst not tax advisors, we can help clients understand one of the most crucial factors: capital gains tax (CGT). […]
We all know that Taxes should be paid when they fall due, however HMRC will usually agree a payment arrangement, known as Time to Pay (TTP) in order to clear any arrears. Here are 5 top tips to help you and your clients achieve the best outcome with HMRC […]
The introduction of Accelerated Payment Notices (APNs) by the Finance Act 2014 remains one of the most talked about measures introduced by the UK tax authority to clampdown on what it considers to be tax avoidance. […]
Why HMRC may focus its attention on certain companies to recover lost tax revenue, and as an accountant and business owner, what you should expect in a tax investigation. […]
