We'll be providing you, your charity and your business with regular updates to help you manage during these uncertain times. … Read more
Supporting businesses with increased costs or financial disruption, as a result of COVID-19 self-isolation and sickness absence. … Read more
Understand the dynamics of negotiation and apply a strategy and structure to your approach … Read more
130 Wood Street, London, EC2V 6DL
enquiries@buzzacott.co.uk T +44 (0)20 7556 1200
.jpg&w=520&h=520&crop-to-fit)
This measure was first announced for the 2018 budget. An amendment will be made to insolvency legislation to move HMRC up the creditor hierarchy for the distribution of assets in the event of insolvency.
The reform is intended to only apply to taxes collected and held by businesses on behalf of other taxpayers. Accordingly the taxes for which the new rules will apply to include:
The rules will remain unchanged for taxes owed by the business themselves e.g. corporation tax and employer National Insurance Contributions.
If you are a creditor of a company that is at risk of going insolvent then be aware that from 1 December 2020, your debt recovery may be adversely impacted as a result of this change.
Read more on the Budget here,
If you have a query about any of the topics mentioned in this article, please fill in the form below and one of our experts will be in touch.
12 March 2020
Tax planning and advice for businesses
2
12 March 2020
Tony Dillow
11 March 2020
Contact us
6
