Although it is be hoped that many clients will successfully emerge from the current crisis, some will find themselves in financial distress and will need the help of their advisors to cope with this. This seminar will explain the legal and tax issues that face businesses in difficulty and will guide practitioners on how they can help.

Topics covered:

  • The tax implications of debt management
  • What debts can HMRC collect and from who; what is their approach with those in difficulty
  • Corporate issues including administration and liquidation
  • Reconstructing businesses
  • How a business might refinance or restructure debts without incurring tax charges. What are the pitfalls and what crucial documentation needs to be retained as evidence of the problems that a business is having?
  • Where a business is considering a more fundamental restructuring of their activities, whether this can be achieved in a tax neutral way.  Most restructuring will require some kind of HMRC clearance – Ros will go through top tips on how to present situations to maximise the chances of success.
  • HMRC are being generous (for them!) around tax collection but there is going to be a point when that generosity will start to disappear, and tax liabilities will need to be paid.  What needs to be understood so that clients know what HMRC’s powers are and how they can help themselves? A key issue, if the business is not going to survive, is that business owners will need to know what their personal responsibility is for any outstanding debts.
  • What about HMRC’s focus on tackling fraudulent Coronavirus support claims.  What should your client be doing if HMRC launch an enquiry?

20th October 2020 9.30 – 12.30

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Ros Martin

Ros started her career in tax with the Inland Revenue but left in 2000 to pursue a career in consultancy and training.  She set up her own business in 2004 and now spends her time lecturing on all aspects of tax and advising accountancy firms on tax planning and compliance for their clients.