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.
First and foremost, dismissing an employee should always be the last resort. An employee is or should be, an asset of a small business. There may be reasons why an employee is not performing or has caused an issue, however, you should try to get to the bottom of this before making any decision to dismiss them.
Financial markets can be a fickle beast. The success or otherwise of a company, sector, country or region relies a lot on confidence – a factor that is hard to win, tough to maintain and easy to lose. Many factors contribute to a feeling of confidence but one factor that you shouldn’t lose sight of – especially as an international business – is the impact that political events can have on the economy.
Business bankruptcy is the legal position of a business that is unable to pay its debts to creditors. The status is ascribed by the court, usually at the initiative of the debtor, at the point when they realise they cannot meet their financial liabilities. In this article Bankruptcy Canada give an overview of different types of bankruptcies and their effect on business’ income.
Working out the Value Added Tax (VAT) and making sure that your business is complying with the VAT laws is time consuming for small business owners. In research conducted by the Federation of Small Businesses (FSB) it was found that small business owners spend a whole working week every year trying to comply with the obligations that come with VAT.