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Archive for the ‘Legal Action’ Category

What can you expect in a HMRC Tax Inspection?

Introduction

HM Revenue & Customs (HMRC) has in recent years increased its focus on limited companies, as the government attempts to recover lost tax revenue and penalise or discourage companies from tax evasion.

Unfortunately, a business cannot eliminate the threat of a tax investigation and can be chosen at random for a routine check, but some may be targeted by HMRC for a number of different reasons. This can be a lengthy, expensive and often painful experience for the business and their accountant.

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How to Reduce the Threat of Insolvency

Introduction

Running a business can often be challenging and a downturn in the market or the loss of a major client can result in the threat of insolvency.  For some businesses, it may already be too late to avoid this however, seeking early advice from a professional, and exploring all options, may help you save the business.

In this article we examine a wide range of possible options available to directors, wishing to minimise the risk of insolvency.

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Personal Liability Notice (PLN) – When can Directors be personally liable?

One of the main reasons people choose to incorporate their business into a limited company (Ltd) is for the extra protection this corporate structure affords the individual.  Incorporation helps separate the individual owner(s) and the business financially, so the business becomes an entity in its own right.

However, Section 64 of the Social Security Administration Act 1998 gives HM Revenue & Customs the power to issue a Personal Liability Notice (PLN) to hold those behind the company personally liable in certain situations.
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