What Happens if Your Company Doesn’t Pay its Taxes on Time?

Posted by:     |     Category: Blog, HMRC, VAT Arrears
What Happens if Your Company Doesn’t Pay its Taxes on Time?

An important part of running a business is ensuring that your company keeps up to date with its taxes. UK companies need to pay a range of taxes, from Corporation Tax on profits to Value Added Tax (VAT) on products and services sold. Failing to pay your company’s taxes can have a range of consequences. Should your company fall behind on its taxes, it faces the possibility of action from HMRC, including the possibility...



7 Common Business Issues That Can Lead to Insolvency

Posted by:     |     Category: Blog, Company Administration, HMRC

When disaster strikes, companies can go from stable and profitable to insolvent in very little time. Losing an important customer, ineffective record keeping or a lack of credit control can all cause your business to become insolvent, often very quickly. Insolvency can seem to come from nowhere – one day, a company is profitable and healthy, and the next it’s insolvent. But look hard enough and you can usually spot the business...



Three things you can do when a client is late paying their invoice

Posted by:     |     Category: Blog, News

As inconvenient as it is, a late paying client is something all business owners will encounter. It’s one of those problems that could be a one-off and easily manageable if you have enough cash as a buffer. It becomes a real challenge when you don’t have that buffer and are reliant on prompt payment so that you in turn can pay your suppliers on time. Late paying clients won’t necessarily always be late paying, just as...



Company directors are taking action over build up of debt

The latest statistics from the Insolvency Service have been released for the period between 1 January and 31 March 2022.  It’s no surprise really to see that the number of registered company insolvencies has increased slightly on the previous quarter, and significantly on comparison to the same period last year. Let’s take a look at the numbers in a bit more detail. Comparing Q4 2021 to Q1 2022, there’s been a 6% increase...



Fortus Recovery is now TruSolv

Posted by:     |     Category: Blog

As of today, Fortus Recovery is now TruSolv – a leading independent insolvency practice based in the South. The team you know and trust remains the same and continues to be among the most qualified and experienced in the UK, having helped hundreds of companies get on with the vital business of restructuring, refocusing and recovering. Why the name change to TruSolv? We acknowledge that a second name change in quick succession...

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