HMRC umbrella company ‘checking tool’ looms for workers
Umbrella company consultation response and guidance due from HMRC, as more details come out on Tax Administration and...
READ MOREHMRC’s crown preference scares away rescue finance lenders
Scheduled to take effect on December 1, a change to make HMRC a secondary preferential creditor in respect to certain taxes will make it more difficult to raise capital for business restructuring according to insolvency practitioners, as HMRC gets pushed up the creditor priority ladder above unsecured floating charge creditors.
“[This change] will make access to business rescue finance more difficult. Floating charge finance is one of the most readily used tools for business turnaround,” says Duncan Swift, head of restructuring and insolvency at Moore UK and past president at R3, trade body for insolvency and restructuring.
Read more at Accountancy Age.
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