Please visit http://www.companyrescue.co.uk/ for confidential help and insolvency advice or email keiths@ksagroup.co.uk

Wednesday, 28 May 2008

Compliance with HMRC rules

Today we launch a new and very important page on http://www.companyrescue.co.uk/

Compliance with tax and VAT

HM Revenue & Customs and compliance is a fundamental issue for all of us and HMRC are very keen to improve tax rule compliance in SME businesses. If your business does comply with all of the myriad rules and regulations you don't need to read this guide. If you are not sure that your business IS compliant have a look at our guide page today!

CVA's rejected because of poor compliance.

We have had two CVA's rejected recently, not because they were poorly written of course(!), nor because they offered very low dividends. Actually they both offered high dividends in 3 years but both were rejected by HMRC because the directors had not complied with the tax rules prior to the business' insolvency.

One had failed to submit 3 VAT returns and another had failed to register for VAT and file VAT returns some 18 months before becoming insolvent. Despite bringing those issues up to date the companies in question both had PAYE and P11D compliance issues allied to previous insolvencies of the directors.

So be warned get your compliance looked at!

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Many thanks for your comments. If you have a private business problem and you want advice give us a call on 0800 9700 539 or email me at keiths@companyrescue.co.uk. If you are a professional advisor with a troubled client, please suggest they visit www.companyrescue.co.uk or contact me as above.

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