Tag: business creditors

Tax Help for Partnerships

At Express Tax Solutions, we are experts in in providing businesses with practical and effective tax arrears advice. The process very often involves looking in detail at your business operations and devising a tailor made plan to help the business to get back on track.

Tax Payment Plans are not however suitable for all businesses. In such cases we are able assist the Directors of UK SMEs negotiate & implement company recovery plans. Express Tax Solutions are experts in utilising legislation under the Enterprise Act 2002 to assist businesses with company recovery and to help protect employment. The legislation allows for (subject to conditions) the recovery of a viable business and the potential to write-off unsecured debt including tax arrears, the legislation can also be used by a company to release it from onerous contractual agreements. This is often achieved through a pre pack administration whereby the original company is dissolved off 100% of unsecured debt & onerous contracts. Pre-pack may give the greatest probability of recovery where there are no obstructions & pricing is based upon a valuation of the assets.

Usually, a businesses or company who is facing tax arrears is in the situation as a result of underlying financial trouble and it is only by addressing these problems can future tax problems can be effectively avoided.

At Express Tax Solutions we work with you to give you the best possible tax arrears advice. We are specialists in working with you to the best possible results for you.

For more information call us now on 0121 232 4622 for a free no obligation consultation. We’re on your side!

Tax Help for Companies

At Express Tax Solutions, we are experts in providing businesses with practical and effective tax arrears advice. The process very often involves looking in detail at your business operations and devising a tailor made plan to help the business to get back on track.

Tax Payment Plans are not however suitable for all businesses. In such cases we are able assist the Directors of UK SMEs negotiate & implement company recovery plans. Express Tax Solutions are experts in utilising legislation under the Enterprise Act 2002 to assist businesses with company recovery and to help protect employment. The legislation allows for (subject to conditions) the recovery of a viable business and the potential to write-off unsecured debt including tax arrears, the legislation can also be used by a company to release it from onerous contractual agreements. This is often achieved through a pre pack administration whereby the original company is dissolved off 100% of unsecured debt & onerous contracts. Pre-pack may give the greatest probability of recovery where there are no obstructions & pricing is based upon a valuation of the assets.

Usually, a businesses or company who is facing tax arrears is in the situation as a result of underlying financial trouble and it is only by addressing these problems can future tax problems can be effectively avoided.

At Express Tax Solutions we work with you to give you the best possible tax arrears advice. We are specialists in working with you to the best possible results for you.

Step 1 – The financial background of the company

It is essential to analyse and understand the underlying issues the business is being faced with that has caused it to become in tax arrears. Having identified the root cause, we then implement measures that will effectively resolve these issues.

Step 2 – Viability of future business operations

The next phase in tax arrears advice should be to ascertain whether or not there is a viable future for the business in question to continue trading. This involves looking at the current financial situation of the company and its future trading prospects.

Step 3 – Implement business turnaround plans

Express Tax Solutions will then help you to put in place a realistic and effective business turnaround plan to enable you to continue trading while meeting your historical and future tax liability.

Step 4 – Establish a realistic timescale

Express Tax Solutions will then liaise closely with HMRC to put in place a realistic timescale for the agreed repayment of tax arrears.

Step 5 – Reporting and monitoring

We prepare comprehensive reports detailing the activities that need to be undertaken and can monitor this until the effective repayment of outstanding tax arrears.

Pre Pack Administration Process

1. Viability screening

We provide a free telephone assessment of your financial position. From this we can assess the merits and feasibility of pre-pack administration.

2. Valuation estimate

We will visit you to conduct an estimate and valuation of the company assets and undertaking. We will use this to assess the improvement that would be made to your financial position via a pre-pack, CVA or Liquidation (as required).

3. Personal guarantees

We will your personal exposure and will (as required) negotiate with your commercial lenders to set up acceptable repayment terms for any personal guarantees you have issued.

4. Negotiation

We will be instrumental in negotiating an agreement on your behalf with a leading insolvency practitioner. The Insolvency Practitioner we appoint shall be approved by banks and other key stakeholders such as debenture holders and financial brokers.

5. No commitment

Until the time that you instruct us to act on your behalf there will be no costs or obligations expected or placed upon you. It is your entitlement to end negotiations at any point. We promise to make clear our fees before any commitment is required from you.

6. Formation of a phoenix company

If you decide to sign-up for pre-packaged administration we support you through the process of transferring your company to a new phoenix company.

So let us guide you through your insolvency matter into a new viable business venture.

CVA Process

An overview of a CVA Procedure

We along with the directors of a company will put forward a proposal for a CVA. If however the company is subjected to an Administration Order or a Liquidator has been appointed then they may also seek the director’s agreement for a CVA.

The proposals will then be circulated to court, creditors and the shareholders. The purpose of which will be to arrange for a creditors and shareholders meeting to take place usually 3-4 weeks after the date of circulating the proposals.

Once the proposals are approved, it provides for a stay of execution from creditors, this will enable the company to continue trading. It is normal for a percentage of the company’s post CVA to be paid to the Supervisor of the CVA. This shall continue for the period agreed within the proposals.

A CVA is a very flexible course of action, it can be utilised to avoid the higher costs of liquidation and can on occasions be combined with the introduction of one of the refinancing products contained within this web site.

The CVA is subject to agreement of 75% in value of those creditors entitled to and who vote either in person or by proxy at the meeting.

For more information call us now on 0121 232 4622 for a free no obligation consultation. We’re on your side!

Time to Pay Plan

At Express Tax Solutions, we are experts in providing businesses with practical and effective tax arrears advice. The process very often involves looking in detail at your business operations and devising a tailor-made plan to help the business to get back on track.

Usually, a business or company who is facing tax arrears is in this situation as a result of underlying financial trouble and it is only by addressing these problems can future tax problems be effectively avoided.

At Express Tax Solutions, we work with you to give you the best possible tax debt advice.

Step 1 – The financial background of the company

It is essential to analyse and understand the underlying issues the business is being faced with that has caused it to become in tax arrears. Having identified the root cause, we then implement measures that will effectively resolve these issues.

Step 2 – Viability of future business operations

The next phase in tax arrears advice should be to ascertain whether there is a viable future for the business in question to continue trading. This involves looking at the current financial situation of the company and its future trading prospects.

Step 3 – Implement business turnaround plans

Express Tax Solutions will then help you to put in place a realistic and effective business turnaround plan to enable you to continue trading while meeting your historical and future tax liability.

Step 4 – Establish a realistic timescale

Express Tax Solutions will then liaise closely with HMRC to put in place a realistic timescale for the agreed repayment of tax arrears.

Step 5 – Reporting and monitoring

We prepare comprehensive reports detailing the activities that need to be undertaken and can monitor this until the effective repayment of outstanding tax arrears.

Tax Payment Plans are not however suitable for all businesses. In such cases, we are able assist the Directors of UK SMEs negotiate & implement company recovery plans. But whatever the situation for your business, we will always have a solution!

Express Tax Solutions are experts in utilising legislation under the Enterprise Act 2002 to assist businesses with company recovery and to help protect employment. The legislation allows for (subject to conditions) the recovery of a viable business and the potential to write-off unsecured debt including tax arrears, the legislation can also be used by a company to release it from onerous contractual agreements.

For more information call us now on 0121 232 4622 for a free no obligation consultation. We’re on your side!

Terms and Conditions

Effective as of 1st October 2009

Any and all payments made to Express Tax Solutions or any subsidiary company of Express Tax Solutions via streamline, cheque, direct debit or any other means of transfer are strictly non-refundable.

We without exception do not offer any refund where a client has a change of mind or if the Client wants to use an alternative company.

The website Terms and Conditions are to be used to settle any dispute. Please note that where we enter into a signed agreement with a client such written terms will prevail over our online Terms and Conditions. Where no such signed agreement exists the online terms shall prevail.

On the basis that the Client wishes to de-instruct us in acting for the Client then all monies received shall be retained.

In the event that a refund is owed to the Client under the laws of England and Wales Express Tax Solutions shall retain a minimum of 35% of the monies owed as administration and loss of profit costs. This would be in addition to the monies owed from the Fee structure below.

Fees

Express Tax Solutions work on a fixed fee basis and all fees are payable before any work is carried out.

Clients may opt for us to work on an hourly rate and our standard hourly rate is;

    • £150 per hour for work done by an Administrator
    • £230 per hour for work done by a Associate
    • £390 per hour for work done by a Partner

The above fees exclude disbursements and are correct for all work carried out between the hours of 09.00am and 17.00pm. Any work carried out outside of these hours shall incur a premium of 30%.

Cancellation Policy

In order for any cancellation to be effective it must be;

  • In writing
  • Signed by the Client
  • Clearly marked for the attention of the Directors
  • Clearly state Notice of Cancellation
  • Be sent via recorded or special delivery

On-going payments made on our monthly payment plans can be cancelled and payments waived on the proviso that notice is given in writing within 7 days of instruction. Any notice of cancellation given thereafter will be subjected to a penalty of 15% of the amount paid on our plan.

If any clause of our Terms and Condition is considered in-effective then all other clauses shall remain intact.

The Terms and Conditions can be updated at any time and without notice and shall be deemed to be binding on all agreements entered into thereafter.

All comments, queries and requests relating to our terms and conditions are welcomed and should be addressed to info@expresstaxsolutions.com.

For more information call us now on 0121 232 4622 for a free no obligation consultation. We’re on your side!

Partnership Voluntary Arrangement

Where the partners of a business believe that the partnership is viable but is under financial strain, a PVA can act as a rescue mechanism in controlling the finances of the business whilst you focus on restructuring the business and trading forward.

However, if you or your partners are considering a PVA, you will need to be able to prove that the partnership business is viable and that each of the partners’ estates is solvent prior to the being able to propose a PVA.

By having a PVA in place, it will allow for an arrangement between the partners and your creditors to be put in place to allow the debts of the partnership to be paid over a period of time.

Under the arrangement the partnership will make regular payments periodically from which the creditors will be paid a certain amount each month.

This means that you have your financial worries all under control and can return to running the partnership.

A PVA is only a viable option for your partnership business is viable and if you have disposable assets which may need to be sold.

If however the partners believe that the business is not viable there are other options which would be more suitable such as winding up the partnership.

For more information call us now on 0121 232 4622 for a free no obligation consultation. We’re on your side!

IVA

An Individual Voluntary Arrangement (IVA) is where there has been a formal agreement comprised between you and your creditors (the people money is owed to). The IVA proposal will set out how the debtor will repay the creditors, over a maximum five-year period.

One of the main reasons as to why IVA’s are so popular with both the creditors and debtors is because the fees are much less than the fees incurred for court costs and Official Receiver fees required in bankruptcy action.

The provisions which relate to the effective and legally binding system of individual voluntary arrangements are set out in the Insolvency Act 1986. The procedure allows you to obtain protection of an interim order if you wish to formulate a proposal to put forward to creditors under an IVA.

We will work closely with you to ensure that the IVA is the best route and solution for you and your business if all your debts have accumulated from the business. Whilst ensuring we have a true figure of your expenses that we will be aiming to provide you with a comfortable means of living as well as enabling you to clear the unsecured debts.

The interim order will buy you time so that our recommended Insolvency Practitioner can help you formulate a realistic proposal and put it to all your creditors for their approval. Where feasible we will also write off as much of the unsecured debt as reasonably possible.

Once a proposed IVA has been formulated and approved by you, the IP will be responsible for sending it to your creditors who will vote at the Meeting of Creditors. If there is a majority vote of 75% or more, all creditors will be bound by the terms under the IVA.

The IVA can be formulated for up to a period of 5 years which will be managed by the IP where all you need to do is make a regular monthly payment which will be distributed amongst your creditors. During the IVA, all interest and penalties will also be frozen to ensure your debt only gets smaller and not any bigger!

For more information call us now on 0121 232 4622 for a free no obligation consultation. We’re on your side!

Pre Pack Administration for Companies

Pre-packaged administration is a widely-used service within the Insolvency arena whereby a business is considered viable and is therefore put into administration and sold to the same Director. It allows the business to continue trading under a new company with the same staff, same clients and the same service.

Our specialist debt management advisors will determine whether a pre-pack is the right solution for your business. We will work closely with you and your accountant to establish the true financial circumstances and outlook for the business moving forward.

The process for pre-pack administration is achieved through pre-arranged appointment with one of the experienced insolvency practitioners on our panel that we recommend to be best suited to your business.

It will allow a new phoenix company to purchase the assets back pre-appointment in preference to other creditors (except for debenture holders). For clients who do not have access to immediate capital we are often able to arrange for funding for the company’s assets to be brought back!

Express Tax Solutions provide an independent national advisory service to the Directors of Limited Companies. This service is focused on SME (annual turnover £ 50k – £ 25 million) company recovery. Our pre-insolvency advice ensures compliance with constantly changing Society of Insolvency Practitioners (SIP) conditions and minimises your exposure to risk.

We work closely with you, your accountant and the IP to maintain confidentiality as required to ensure that the right solution can be achieved to give your business the lifeline it needs.

Benefits of a Phoenix Company

A phoenix company is when the legal assets of a failed company are moved to a new legal entity i.e. a new limited company. Using our expertise, it may be possible for the directors to remain the same and for the new business to have an identical or similar trading name to the previous failed business.

The purpose of a phoenix is to allow for the recovery of a company which has a viable and often very profitable core but is currently powerless to repay its outstanding debts. It is a pragmatic arrangement that protects the interests of employees and private enterprise.

  • Preservation of employment for the company’s Directors & other employees (in 92% of cases, a pre-pack will result in all the old company’s jobs being preserved);
  • Achieves a write-off of debt arrears, (excluding debts which are subject to a personal guarantees or debentures);
  • Discharges the company from contracts or leases which are no longer required;
  • Evades interference to customers (companies often continue to trade in an identical fashion to the previous company) & other stakeholders.

Advantages of a pre-pack

For many companies’ pre-pack administration, can provide a planned, quick & secure transition to a new phoenix company.

  • The sale of the business assets & undertaking is agreed in advance;
  • The personal credit history of the old company’s directors is fully protected;
  • The company can trade under an identical or similar name as the original company name;
  • Minimum disruption is incurred (using our expertise and confidentiality it is often that a large proportion if not all of staff and customers are unaware of the change);
  • There is not a requirement for local advertising or filing in the local.

We are here to help you through the entire process. With our help, you can be sure that the entire process runs smoothly and that you are involved in every step and decision which is taken.

For more information call us now on 0121 232 4622 for a free no obligation consultation. We’re on your side!

Company Administration

By putting a Company into administration, it offers the company immediate protection from any legal or recovery action being taken against the company by its’ creditors including HMRC.

The process allows the company time to work with us and our recommended Insolvency Practitioner (IP) to determine the best strategy for your business. The viability will be evaluated and any real prospect of saving the business from going bust will be deliberated upon.

Firstly, the Directors of the company will need to file a Notice of Intention to Appoint an Administrator which will need to be disclosed to the company’s creditors and any charge holders. Your staff, clients and suppliers will not be made aware of this as this information will not appear in the public domain.

Our specialist debt management advisors will determine whether putting the company into administration would be the best route for your company so that it can be protected whilst we work with you, your accountant, our recommended IP to establish to establish the true financial circumstances and outlook for the business moving forward. By doing this we will be able to determine the best possible solution for you. This could be entering a CVA or even a pre-pack.

The IP acting as Administrator will realise the assets of the company with the intention of achieving the highest possible price for the assets. If a pre-pack is the best solution for the business, you will at this stage be given the opportunity to purchase the assets for the phoenix company allowing you to retain the company assets without the debts associated with the former company.

Advantages of Company Administration

  • Immediate protection from your creditors;
  • All legal action is frozen;
  • You can continue to trade whilst we formulate the best solution;
  • There may be business turnaround solutions available to rescue the business;
  • Provides the opportunity to restructure the business into a more profitable form.

We are here to help you through the entire process. With our help, you can be sure that the entire process runs smoothly and that you are involved in every step and decision which is taken.

For more information call us now on 0121 232 4622 for a free no obligation consultation. We’re on your side!

Company Voluntary Arrangement (CVA)

A Company Voluntary Arrangement (or CVA) is best suited to companies which are profitable, or which have the potential to be viable in the future but are currently experiencing serious cash-flow issues.

Our specialist debt management advisors will determine whether a CVA is the right solution for your business. We will work closely with you and your accountant to establish the true financial circumstances and outlook for the business.

If upon our findings, we believe the company satisfies the requirements of a CVA and you are happy to proceed with this option, we will appoint an Insolvency Practitioner who is commercially aware and best suited to your industry to make a formal agreement amongst your company and all the unsecured creditors it may have whereby the company will agree to repay an agreed sum (typically between 40p and 100p in the £) over the course of 5 years. The remainder of the sum will be written off.

To be successful, the proposed CVA will need 50% of shareholders and 75% of unsecured creditors to vote in favor of the arrangement. Once agree, it will bound all unsecured creditors to the terms within the CVA agreement.

Throughout this process the company will be able to continue trading and the Director will be able to retain control of the management of the company. In the meantime, the IP will act as a Supervisor ensuring that all the terms of the arrangement are continually met.

During the CVA, all interest and penalties will also be frozen to ensure your debt only gets smaller and not any bigger! We will also continue to work with you to ensure the growth and viability of the business moving forward.

For more information call us now on 0121 232 4622 for a free no obligation consultation. We’re on your side!

Privacy Policy

Under the Data Protection Act 1998, we have a legal duty to protect information we collect from you, and tell you how we use this information. Protecting your privacy is important to us. This privacy statement explains how we collect, store and use the information you provide. Please read this privacy statement carefully, as once you use Express Tax Solutions website you will be deemed to have read and accepted this statement.

What personal information is collected via the web site?

We will only collect personal information about you, given by you, when you complete a contact form requesting us to contact you. The personal information collected includes: your name, telephone number, home address and email address.

What happens to the information provided/collected?

We may use the information you provide to contact you. The information you provide through this website may be used by Express Tax Solutions and its subsidiary companies to provide you with information, including by email and mobile telephone, about their and other companies’ products and services that may be of interest to you. We may also disclose personal information about you to the extent required by Law, Court Order, by Government order or decree. Except as described above, we will not disclose your personal information to any third parties, without your consent.

Safeguarding your personally identifiable information

We will only collect personally identifiable information to the extent deemed reasonably necessary to serve our legitimate business purposes, and we will maintain appropriate safeguards to ensure the security, integrity and privacy of the information you have provided.

Disclaimer

Express Tax Solutions and or the authors of material on this website cannot be held responsible for any errors or omissions. Express Tax Solutions and or the authors cannot be held responsible for any damages arising either directly or consequentially out of the use of or inability to use this information.

All comments, queries and requests relating to our use of your information are welcomed and should be addressed to info@expresstaxsolutions.com.

For more information call us now on 0121 232 4622 for a free no obligation consultation. We’re on your side!