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Monetary migraine
KEY POINTS
- Fear of adverse consequences can prevent help being sought to salvage a business.
- HMRC can be a large stakeholder in a failing business with numerous debts.
- A compliant tax history is important for a business.
- A company voluntary arrangement can help a struggling business agree a method of repayment.
- Tax practitioners can help a business to take an objective look at the state of its finances.
Tax practitioners are well placed to identify some of the key signs that a business is getting into trouble early – an inability to meet tax liabilities is one key signal that cashflow is reaching a crisis and an early response is crucial. However the truth is that too many British businesses more often than not driven by a fear of...
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