Premier League and HMRC Court Battle Set for 15 February

HMRC and Premier League

Next month, HMRC and the Football Association Premier League will battle in court over the taxman’s claim that the ‘football creditor rule’ is unlawful. Under the football creditor rule, when a club enters administration creditors such as players and managers are paid in full, whilst any remaining money is divided between unsecured creditors including HMRC. Football as…

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Remedies for Struggling Directors: CVAs and Renegotiating with Creditors

Company directors experiencing financial difficulties often consider terminating agreements and contracts to reduce the burden of their debts. A director in this position must avoid delaying decisions and rectify the situation as soon as possible; otherwise the business will experience a rapid decline in trade and become insolvent. Reducing staff and rented equipment will lower costs,…

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Directors are Wrong to Think They Can Avoid Taxman

The 10-year prison sentence a Yorkshire woman recently received for her part in a VAT scam described as ‘brazen and meticulous’ should be a lesson for any business owner or director who thinks they can outsmart HM Revenue and Customs. Jayne Mitchell, 40, and six others imported 7,000 new cars which passed through a chain…

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What’s More Important: Managing Debt or Bad Practice?

Last year, I advised a company that went bust owing £100,000. The Insolvency Service sought to have the company’s director disqualified, but he couldn’t understand why as his liabilities dwarfed the sums owed by other companies. I explained that he faced prosecution because of his conduct rather than the size of his debt. You may…

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Supermarkets Beating Pubs and Bars in the UK Alcohol War

Small and independent alcohol retailers should be concerned by a new study which found the number of failing bar and pub companies has risen by over 30 per cent. According to accountancy firm Wilkins Kennedy, 130 bar and pub companies went bust during the third quarter of 2010, compared with 99 during the same period…

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