• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Collapse

You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:

  • You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
  • You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
  • If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.

Previously on "Coronavirus Resources Thread"

Collapse

  • MAVLad
    replied
    Thanks for the replies. You may not think so, but they have all been very helpful.

    In summary, income has dried up due to the Coronavirus situation.
    There are no other parties impacted on other than HMRC, who are owed.

    None of the help on offer from government has been availed of. It seems inappropriate to seek government money just to give it straight back to the government.

    The business would probably not be a going concern going forward, so it seems more appropriate to end things now rather than howl against the moon.

    If there is any accountants who specialise in doing this kind of thing, closing a business because of the Coronavirus situation, I would welcome a conversation
    Last edited by MAVLad; 16 June 2020, 11:14. Reason: Typo's

    Leave a comment:


  • WTFH
    replied
    Originally posted by Paralytic View Post
    Now that we know a little more, some more questions:
    With this net negative asset position, who does the business owe money to? Any government agencies (eg, Corp Tax, VAT etc?).
    Have you taken out any dividends in the last year that meant any creditors could not be paid?
    At what point was it obvious that the business would survive?
    Have you furloughed any staff or taken advantage of any of the COVID government loan schemes?
    Has either of these happened since it became obvious the company would not survive?
    Do you have an accountant?
    Have you depleted the business warchest?
    How long has the business been suffering from lack of income?

    Leave a comment:


  • wattaj
    replied
    Originally posted by MAVLad View Post
    In regards to the 'Simple one':- Obviously net negative asset position, otherwise there would be no need to close the business.

    I was hoping that I could avoid the involvement of the accountant. Or maybe find someone through this forum who could advice on this specific issue.
    Have you accounted for the taxes due to HMRC on any income that your company has received to date?

    A "net negative asset position" would seem to suggest that you've spent all of your company's money without due regard for its liabilities.

    Is this the case?

    Leave a comment:


  • GhostofTarbera
    replied
    Originally posted by MAVLad View Post
    In regards to the 'Simple one':- Obviously net negative asset position, otherwise there would be no need to close the business.

    I was hoping that I could avoid the involvement of the accountant. Or maybe find someone through this forum who could advice on this specific issue.
    And you have spent your bounce back loan ?


    Sent from my iPhone using Contractor UK Forum

    Leave a comment:


  • Paralytic
    replied
    Originally posted by MAVLad View Post
    In regards to the 'Simple one':- Obviously net negative asset position, otherwise there would be no need to close the business.
    No, not "obviously". It is perfectly possible for a company to be in trouble, on the path to insolvency, yet still be in a net-positive asset position,

    Originally posted by MAVLad View Post
    I was hoping that I could avoid the involvement of the accountant. Or maybe find someone through this forum who could advice on this specific issue.
    Your business "will NOT survive the downturn" yet you seem to see engaging your accountant as a hassle?

    You have not given a "specific issue" for anyone to give advice on. Its like saying "I want to buy a car, what would you recommend"

    Now that we know a little more, some more questions: With this net negative asset position, who does the business owe money to? Any government agencies (eg, Corp Tax, VAT etc?). Have you taken out any dividends in the last year that meant any creditors could not be paid? At what point was it obvious that the business would survive? Have you furloughed any staff or taken advantage of any of the COVID government loan schemes? Has either of these happened since it became obvious the company would not survive? Do you have an accountant?

    Can you see how its not as simple as you want to believe? If you do still believe it is, google "closing down company" and fill in the forms. Or get your accountant to do it.
    Last edited by Paralytic; 16 June 2020, 07:24.

    Leave a comment:


  • MAVLad
    replied
    Originally posted by Paralytic View Post
    No-one can answer this without a load of information. Simple one: does your company have a net positive or net negative asset position.

    You really should be speaking to your accountant about this, not a bunch of nobody IT contractors.
    In regards to the 'Simple one':- Obviously net negative asset position, otherwise there would be no need to close the business.

    I was hoping that I could avoid the involvement of the accountant. Or maybe find someone through this forum who could advice on this specific issue.

    Leave a comment:


  • Paralytic
    replied
    Originally posted by MAVLad View Post
    I am one of those whose business will NOT survive the downturn.

    I have an alternative 'thing' I am considering.

    BUT I have no idea what I will need to do to close the existing business. What I need to do to inform HMRC/Companies House etc.

    Any help would be most welcome . . . . . .
    No-one can answer this without a load of information. Simple one: does your company have a net positive or net negative asset position.

    You really should be speaking to your accountant about this, not a bunch of nobody IT contractors.

    Leave a comment:


  • MAVLad
    replied
    Closing due to Coronavirus

    I am one of those whose business will NOT survive the downturn.

    I have an alternative 'thing' I am considering.

    BUT I have no idea what I will need to do to close the existing business. What I need to do to inform HMRC/Companies House etc.

    Any help would be most welcome . . . . . .

    Leave a comment:


  • ladymuck
    replied
    Bounce Back Loan Scheme

    Launched on 4 May. Key information here:

    Bounce Back Loan Scheme (BBLS) - for Businesses and Advisors - British Business Bank British Business Bank

    Application is to an accredited bank, currently supplied by those listed here:
    Bounce Back Loan Scheme (BBLS) - Current Accredited Lenders and Partners - British Business Bank British Business Bank

    WHO IS ELIGIBLE

    Your business must be able to self‑declare to the lender that it:
    • has been impacted by the coronavirus (COVID-19) pandemic
    • was not a business in difficulty at 31 December 2019 (if it was, you must confirm your business complies with additional state aid restrictions under de minimis state aid rules)
    • is engaged in trading or commercial activity in the UK and was established by 1 March 2020
    • is not using the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) or the Bank of England’s Covid Corporate Financing Facility Scheme (CCFF), unless the Bounce Back Loan will refinance the whole of the CBILS, CLBILS or CCFF facility
    • is not in bankruptcy or liquidation or undergoing debt restructuring at the time it submits its application for finance
    • derives more than 50% of its income from its trading activity (this requirement does not apply to charities or further-education colleges)
    • is not in a restricted sector (see below)



    Note: The above is not an exhaustive list – see the Frequently asked questions for more information.

    Bounce Back Loans are available to businesses in all sectors, except the following:
    • Credit institutions (falling within the remit of the Bank Recovery and Resolution Directive)
    • Insurance companies
    • Public-sector organisations
    • State-funded primary and secondary schools


    If one bank turns you down, you can apply to another bank.

    Last edited by ladymuck; 4 May 2020, 11:08.

    Leave a comment:


  • ladymuck
    replied
    Further CJRS updates

    An important change to the scheme relating to employee eligibility:
    • you can claim for employees that were employed as of 19 March 2020 and were on your PAYE payroll on or before that date; this means that you will have made an RTI submission notifying us of payment of that employee on or before 19 March 2020
    • employees that were employed as of 28 February 2020 and on payroll (i.e. notified to us on an RTI submission on or before 28 February) and were made redundant or stopped working for you after that, and prior to 19 March 2020, can also qualify for the scheme if you re-employ them and put them on furlough.

    More information on this can be found on GOV.UK.

    How to claim
    As you prepare to make a claim, please note:
    • the online claim service will be launched on GOV.UK on 20 April 2020 – please do not try to access it before this date as it won’t be available
    • the only way to make a claim is online – the service should be simple to use and any support you need available on GOV.UK; this will include help with calculating the amount you can claim
    • you can make the claim yourself even if you usually use an agent
    • claims will be paid within 6 working days; you should not contact us unless it is absolutely necessary – any queries should be directed to your agent, representative or our webchat service
    • we cannot answer any queries from employees – they will need to raise these with you, as their employer, directly.

    Information you will need before you make a claim
    In addition to the information in our previous email, you will need to have the following before 20 April 2020:
    • a Government Gateway (GG) ID and password – if you don’t already have a GG account, you can apply for one online, or by going to GOV.UK and searching for 'HMRC services: sign in or register'
    • be enrolled for PAYE online – if you aren’t registered yet, you can do so now, or by going to GOV.UK and searching for 'PAYE Online for employers'
    • the following information for each furloughed employee you will be claiming for:
      1. Name.
      2. National Insurance number.
      3. Claim period and claim amount.
      4. PAYE/employee number (optional).
    • if you have fewer than 100 furloughed staff – you will need to input information directly into the system for each employee
    • if you have 100 or more furloughed staff – you will need to upload a file with information for each employee; we will accept the following file types: .xls .xlsx .csv .ods.

    Leave a comment:


  • ladymuck
    replied
    CJRS update from HMRC
    Date of HMRC update: 09/04/2020
    Date of post update: 13/04/2010

    If you’re eligible for the scheme, there are things that you can do now to be ready when the system is up and running later this month.

    You’ll need to provide the following to make a claim:
    1. The bank account number and sort code you’d like us to use when we pay your claim.
    2. The name and phone number of the person in your business for us to call with any questions.
    3. Your Self-Assessment UTR (Unique Tax Reference), Company UTR or CRN (Company Registration Number).
    4. The name, employee number and National Insurance number for each of your furloughed employees.
    5. The total amount being claimed for all employees and the total furlough period.

    If you use an agent who is authorised to act for you for PAYE purposes, they will be able to make a claim on your behalf, so please speak to them now.

    However, if you use a file-only agent (files your RTI return but doesn’t act for you in other matters), they won’t be able to make a claim for you and you’ll need the information listed above from them to make the claim yourself.

    For more detailed advice, please visit GOV.UK. This guidance is being regularly updated, so please review it frequently.

    You may also find this recorded webinar helpful, 'Coronavirus (COVID-19) Job Retention Scheme', available on HMRC’s YouTube channel.

    The scheme is not yet open for applications. This post will be updated when new information is received.
    Last edited by ladymuck; 13 April 2020, 09:49.

    Leave a comment:


  • ladymuck
    replied
    Statutory Sick Pay Rebate

    At Budget 2020 the Chancellor announced details about a new coronavirus (COVID-19) Statutory Sick Pay Rebate Scheme.

    This scheme will allow small and medium sized employers, with fewer than 250 employees, to apply to HMRC to recover the costs of paying Statutory Sick Pay to their employees.

    HMRC has published new online guidance which includes information about who can use the scheme and the records employers must keep.

    HMRC is working urgently to set up a system for reimbursement. Existing systems are not set up to facilitate payments to employers.

    Details about when the new Statutory Sick Pay Rebate Scheme can be accessed and when employers can make a claim will be announced as soon as possible

    Leave a comment:


  • eek
    replied
    Originally posted by Paralytic View Post
    Not confirmed, yet, but some Umbrella notes here that indicate furloughed Umbrella workers might be eligible for the CJRS grant.

    COVID-19 Government Updates - What we know so far

    Interesting note about "Have been employed and registered on the payroll of their umbrella company before 28th February 2020". Its not clear if this is just that Umbrella, or a wider rule.

    Its also reaffirms the expectation that PSC directors will be able to claim 80% of their salary (not dividends)
    The Government rules are that anyone being furloughed has to have been on payroll before 28th February 2020 to avoid fraudulent claims.

    Leave a comment:


  • Paralytic
    replied
    Not confirmed, yet, but some Umbrella notes here that indicate furloughed Umbrella workers might be eligible for the CJRS grant.

    COVID-19 Government Updates - What we know so far

    Interesting note about "Have been employed and registered on the payroll of their umbrella company before 28th February 2020". Its not clear if this is just that Umbrella, or a wider rule.

    Its also reaffirms the expectation that PSC directors will be able to claim 80% of their salary (not dividends)
    Last edited by Paralytic; 30 March 2020, 07:59.

    Leave a comment:


  • ladymuck
    replied
    Originally posted by morty1961 View Post
    If you are intermediary Agency PAYE are you in a similar position to being 'employed' by an Umbrella ?
    I'd say so, but would want to wait for someone with more knowledge to confirm.

    Leave a comment:

Working...
X