During the natural lifecycle of your business, the financial health of your company may fluctuate to reflect seasons of high trade and low trade, industry trends and consumer demand. Your business may also encounter financial challenges due to changing tax legislation, such as IR35 reform. Trading uncertainty is also a major factor that has the power to decimate income streams, as demonstrated by the coronavirus pandemic.[continue reading…]
Readers question: If I have three separate Limited company businesses, can I pay myself a salary/management fee from each one or only the one?[continue reading…]
Disgruntled creditors get desperate, and when all approaches to recover a debt have failed, they may send a winding-up petition to the beleaguered company as a last resort to get paid. It’s an extremely serious move and not one that should be taken lightly as it’s typically preceded by a statutory demand. In the UK, HMRC is the most common business creditor and is normally aggressive in its pursuit of tax liabilities. The majority (60%) of all winding up petitions are served by HMRC.
Running and maintaining a successful business is incredibly hard work. It doesn’t matter how big or successful you are, a start-up, a big hitter or even if you are dominating the marketplace, things can go wrong at any time. The business plan just might not be right for the market or an unexpected cost could set back your cash flow.