Insolvency & Business Debts

Do you or your company struggle to make day to day payments?
Are you or your company no longer able to pay debts as and when they are due?

Insolvency & Business Debts

We understand that owning and running a business can be stressful and overwhelming. Tax changes, market demand and regulation are all beyond any business owners’ control and can often put a strain on your business.
If your company is struggling financially, you may have continued to trade in the hope that things may pick up and turn around. It is possible that the situation has or may worsen, and it may reach a point where you can no longer see a way out.
At Victorstone Accountants, we will review your personal and you company’s situation and ensure that you understand all of the options that are available to you.
We would welcome the chance to be able to help you, no matter what your circumstance.

HMRC Debts

HM Revenue and Customs are by far the most common creditor faced by businesses with debt problems. We are often contacted by directors wanting tax arrears advice who have fallen behind with their HMRC payments and have received letters, threatening to take legal action or even wind up their company.

Company Voluntary Arrangements

If your business operates as a limited company and you need an arrangement for your business to repay its debts then a company voluntary arrangement (CVA) may provide a solution. To help understand whether a CVA may be something you want to consider we have provided some basic guidelines and features of a CVA.

Business Rates Arrears

Managing arrears in business rates is another financial commitment that many small businesses have to deal with during periods of low activity. With business rates being one of the main sources of income for local authorities, it is not surprising that they have robust strategies that deal with non-payment. However, there are solutions provided certain strategies are adopted .

Home Office & Immigrant Fines

Many businesses employ staff of non-UK or EU status, especially in the retail and restaurant sectors. As required by law, it is the responsibility of the employer to check a person’s national status when offering a position within the organisation. It is also the employer’s responsibility to keep a check on any employee’s working visa if they are of non UK or EU status unless they have been granted indefinite leave to remain.

Sole Trader Debts

Being a sole trader is the simplest way to run a business. Keeping records and accounts is very simple, plus you get to keep all of your profits. However as a sole trader you are personally liable for any debts that your business runs up.