Business Debt Articles

Business Debt

Can’t pay a PAYE tax bill in Scotland

As a limited company, PAYE is not a tax it pays itself. Instead, the company collects Income Tax and National Insurance contributions from employees’ wages and passes them to HMRC.

Business Debt

I can’t afford my payment on account Self Assessment tax bill – what are my options?

If you are self-employed or have income outside PAYE, you may be familiar with HMRC’s Self Assessment payment on account system.

Concept of financial advice and remote work platforms

Business Debt

Self-employed debt advice in Scotland

When business debts begin to spiral out of control, action must be taken to address the root cause of the problems being faced and prevent any further losses being accrued. When a business is operated...

Business Debt

What are the insolvency tests for a limited company?

If your company is experiencing financial difficulties, it is important to determine the extent of the problems being faced so that a plan can be put in place to turn the situation around. One of your...

Business Debt

What are my options for closing my company?

If you’ve decided it’s time to close your limited company, there are several different routes you can take. The most appropriate closure method will depend on whether your business is solvent (can...

Business Debt

Can’t pay my company’s tax bill - what are my options?

Most companies put money aside to pay their PAYE, VAT and Corporation Tax bill. But what happens when you’re forced to spend that money on something else, or your bill is unexpectedly large and you...

Lawyer, legal advisor, businessman brainstorming information on agreement details Business contracts in legal processing books for accuracy in contract documents. joint financial investment.

Business Debt

Winding-up Petition

A Winding-up Petition is a legal notice presented to the court by a creditor with a view to forcing a company into liquidation. If a winding-up order is granted by the court, compulsory liquidation ca...

Business Debt

Is my company insolvent?

As a company director, you have to keep a close eye on your business’s finances, particularly when it’s struggling. As soon as your company becomes insolvent, your duties as a director will change...

Business Debt

HMRC debts for sole traders and businesses

If you can show that your current financial state is only temporary, and you’re not deliberately trying to avoid payment, you may be able to negotiate for more time to pay. HMRC understand that sour...

Man looking at a Statutory Demand request

Business Debt

What is a Statutory Demand?

A Statutory Demand is a formal, written request for a debt to be paid. Statutory demands can be sent to an individual or a company by someone you owe money to (known as a creditor).

Business Debt

Can a Winding Up Petition be stopped in Scotland?

The winding up procedure, also known as Compulsory Liquidation, is the process of forcing a company to close when it cannot pay its debts. A creditor, such as a supplier or HMRC, can take this action...

Businesswoman puts signature on document

Business Debt

What happens to personal guarantees in insolvency?

If your business is insolvent, you might be worried about the potential impact it can have on your own finances, particularly if you have signed a personal guarantee.