Since their introduction in 2014, HMRC have used Accelerated Payment Notices to recover several billions of pounds of taxes, but what are they and when are they used? Accelerated Payment Notices (APNs) are notices stating that HMRC believes that the recipient has partaken in a tax avoidance scheme and that require the recipient to pay …

Administrative Receivership is the process where the holder of a qualifying floating charge appoints an administrative receiver to realise the assets of a company that has breached the terms of the security agreement or debenture. Administrative receivership should not be confused with administration – though the two processes bear some similarities, they are different. Administration …

Recently, two former premier league football players David James, the former England and Liverpool goalkeeper and Chris Sutton the former Blackburn and Chelsea were declared bankrupt. Other footballers that have also declared themselves bankrupt include George Best, Keith Gillespie and Colin Hendry. Research by Xpro, a charity for ex-players, suggests that three out of five …

A recent tax tribunal found that a tax scheme that had been set up in the music industry through a company called ‘Icebreaker’ was deemed to have been set up for tax avoidance purposes. It is thought that among 1,000 people have been affected by this tax tribunal decision including Gary Barlow and Mark Owen …

One of the primary reasons people choose to turn their company from a sole proprietorship or partnership into a limited company (ltd) is the extra protection this type of corporate structure affords. This process, known as incorporation, effectively separates the business from the individual(s) behind it. The business becomes an entity in its own right, …

If you’ve been a director of a company that has gone into liquidation, you are bound by certain laws that govern your involvement with companies with the same or a similar name in the future. It is very important to be aware of these laws as contravening them is a criminal office punishable by prison, …