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Business Tax • Coronavirus Advice • HMRC • Personal tax • Small Business • Taxation

Changes to the UK Insolvency Rules Due To COVID-19

By RJP LLP on 31 March 2020

New emergency insolvency measures have been agreed to help companies unable to meet all their debts due to the impact of coronavirus from being forced to file for bankruptcy.

In legal terms, this change involves an amendment to the wrongful trading rules within UK insolvency law, which make it an offence for company directors to continue trading if their business is unable to avoid going into liquidation.

This means that company directors will be able to pay staff and suppliers even if there are fears the company could become insolvent.

The changes apply from 1 March 2020 and include a temporary moratorium for businesses undergoing a restructuring process. This prevents them from being put into administration by creditors and entitling them to continued access to raw materials.

These changes will be particularly relevant for non-essential retail groups, restaurants, lifestyle and entertainment companies, travel companies and airlines, who are either facing a decline in demand or enforced closure.

partners@rjp.co.uk

Business Services

Probate and Inheritance Tax

Multiple dwellings stamp duty relief is removed in 2024 Budge

The outcomes of an earlier review by the government into mixed-use property purchases and multiple d...

By RJP LLP on 18 March, 2024

Business Services • Business Tax • Personal tax

Holidays are coming to an end for FHL owners

In yet another blow to property investors, the 2024 Spring Budget heralded the end of tax advantages...

By RJP LLP on 18 March, 2024

Business Services • Personal tax

What tax changes are in store for ‘non doms’?

‘Non doms’ - people who are resident in the UK but classified as non-UK domiciled for tax purpos...

By RJP LLP on 18 March, 2024

I wanted to write and express our gratitude for your help and hard work in getting Probate through and settling all the taxes. I am so pleased that we selected RJP, as your professional help and updates throughout this process have been invaluable. If at any time in the future Probate assessment may be needed, you will be our first port of call. Once again, many thanks to the whole team.

Dan Cook, Probate client

I just wanted to drop you a short note to say how grateful I am for the support that RJP has provided over the past 4 weeks while our Financial Controller was away. I struggle to comprehend how much work your staff get through during their weekly visits and they are always a pleasure to have around the office.

I Evans, CFO, Mobliciti

Just a quick e-mail from me to thank you for achieving the target for producing the draft accounts – it is very much appreciated and gives a first class impression of your firm. Many thanks.

J Stanfield, Chairman, BBS Actuaries Ltd

I would like to take this opportunity to thank you very much for the amazing job you have done navigating us through this whole process. My family and I also really appreciate the care and compassion demonstrated by you and your team in every dealing. Our thanks to everyone.

M Goldsmith, Probate Client

RJP provide our company with a complete service which takes the stress and strain away from the day to day running of our accounts! Their understanding of our business and their patience and advice is invaluable.

Outsourcing Client

60 Day Deadline for CGT Returns and Tax Payments

If you sell a property and incur capital gains tax on the transaction, you will need to file a tax return and also pay any tax that is due within 60 days of completion, or penalties will arise. Need help with your property taxes? Talk to us.