Companies can fail for several reasons and, for the most part, these aren’t the result of wrongdoing by the directors. For this reason, it’s perfectly legal to start a new company after an old one has become insolvent.
However, there are a number of rules that surround carrying on a similar business through a new company after the original company has gone into insolvency.
Known as ‘phoenixing’, this practice transfers the business, but not the debts, of the insolvent company to a new company.
But what is the problem with phoenixing, and what does the law say about it?
This months edition include:
Gender Pay Gap published for businesses
ISA rules misunderstod
The dust has settled on the autumn statement, and it is now clear on the good, the bad and the ugly effecting SME’s, employers and self-employed.
National Insurance employment allowance increased to £3,000 from April 2016
Extension of the doubling of small business relief rates to April 2017 (good news – make sure you have this if you operate from an office)
3% additional stamp duty land tax will be charged on second homes or investment properties purchased from April 2016, which in added to the reduced relief for interest previously announced from April 2017 is a double hit for active investors
3% differential on Benefit in Kind for diesel cars retained from April 2016 for 5 more years
Capital gains tax due to be paid within 30 days of completion of any disposal of residential property from April 2019. This ties in with the introduction of digital tax accounts for most taxpayers.
If you have any queries or concerns arising from the autumn statement, contact our team at Morrell Middleton on 01904 691141.
An announcement of “common sense” changes to auto-enrolment has been made by the Pension Regulator, which will benefit a significant number of owner managed and family businesses.
While a declaration of compliance and other tasks remain a necessity, the 2 new Q&A released, remove a significant burden/red tape from business owners across the country.
From 1 October 2015, the national minimum wage rates increase by between 2% and 20% with our youngest employees being both the biggest winners and losers depending on how they are employed.
– Apprentices * – £3.30 (up from £2.73) – up 20%
– Under 18’s – £3.87 (up from £3.79) – up 2%
– 18 to 20 year olds – £5.30 (up from £5.15) – up 3%
– 21 years and older – £6.70 (up from £6.50) – up 3%
If you have any queries on the minimum wage or running your payroll, please don’t hesitate to contact our team.
The Chancellor’s 2015 Budget contained some Radical changes to Dividend and Rental Income – none of it good news!
On 1st July, the government welcomed a judgment from the Supreme Court that found the government’s proposals for delivering Tax-Free Childcare to be clearly lawful.
It also confirmed that, as a direct result of the legal challenge, the scheme is now expected to launch from early 2017. The existing Employer‑Supported Childcare scheme will remain open to new entrants until Tax-Free Childcare is launched.
With the implementation of Auto-Enrolment Pension schemes now well underway across the UK, one common query we receive is “Is our business caught by this?” (may be not the way we should be viewing pensions?!), especially from companies where the only people involved are the 2 owner/directors – often spouses/partners.
DVLA has produced a video to help drivers ensure they are prepared for the changes:
The change also mean that drivers hiring a car overseas may need to take a special code with them, so the hire company can check for details of any convictions or penalty points.
New rights allowing UK parents to share leave following the birth or adoption of their child have come into effect from 1st April 2015.
This will effect both parents and employers, and it is important that both understand the potential benefits and obligations they have to keeping within the regulations.
Have you or someone you know received a PPI repayment/compensation?
If the answer is yes, did you know that the interest element of what is received is taxable? Further, did you know that all the banks and building societies making payments are notifying HMR&C of who they are paying and how much? So what does this mean for you?
Now the dust has settled we have produced a 4 page guide to the relatively quiet 2014 Chancellors Autumn Statement for you to download here!
Auto-enrollment looms for small companies yet many are thinking they have nothing to worry about until 2016 or even 2017! Think again!
Book your place at our seminar here for 11am on 11 March 2015
Small businesses trading online are up in arms about a new EU regulation, which states that from 1 January 2015, VAT on digital products will be chargeable in the place of purchase rather than place of supply in the EU.
Online shoppers now have longer to cancel orders while complaints calls should be cheaper, under laws that took effect on Friday 13 June 2014.
The cooling-off period for an online order has been extended to 14 calendar days from seven working days.