Mortgage References for People in Business

Applying for a new mortgage or re-mortgage can be a stressful and time-consuming task for anyone. At least for people in full time employment there is a good chance that their income will have been consistent over the last few years. Unfortunately, people running...

Take care when issuing shares for your new Company!

Issuing large numbers of shares creates a debt to the Company, and can remove the benefits of limited liability. When a Company goes into liquidation, shareholders can lose the value of their shares because they might have to pay the share capital personally to...

Depreciation and Capital Allowances

Most expenses incurred by business are written off during the year, but some relate to assets that are used for several years, for example, vehicles and computers.  Because they last for several years, you can allocate a portion of the cost to each annual set of...

How does owning shares in a Company work?

Limited Companies in the UK are generally limited by shares representing the ownership of the Company. So if the Company issued 100 shares and you own 1 – you own 1% of the Company.  Shares come with certain rights, the most common type being an Ordinary share –...

HMRC is a preferred creditor when businesses go bankrupt!

From April 2020, 4 taxes became preferred and high ranking trade creditors in any business going into liquidation. They are; Income Tax, VAT, CIS schemes and Employees’ National Insurance. It used to be that when a business went into liquidation, creditors were paid...