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SOLE TRADER IVA

How Can We Help? Sole Trader IVA is a specialist in self-employed and sole trader debt help. Our advisors have helped many people who have found themselves with outstanding debt by providing specialist free debt advice. You can rest assured you`re in safe hands when it comes to speaking to our trained advisors, they will examine your situation and provide you with the best advice. If it is the most appropriate to take out a debt solution we will help you set up and process this plan from start to finish. So you can take back control of your finances Check now to see if we can help using our free eligibility checker. The Money Advice Service is an independent service, set up by the government to help people make the most of their money, they give free, unbiased money advice to everyone across the UK – online, over the phone and face to face. www.moneyadviceservice.org.uk Our Simple 3 Step Process COMPLETE OUR ELIGIBILITY CHECKERUsing our free eligibility checker to see if you qualify. *doesn’t affect your credit ratingWE WILL CALL TO FINALISE YOUR APPLICATIONOur advisors will call you to discuss your application and finalise everything.TAKE BACK CONTROL OF YOUR FINANCESOur team will help set up and process your application so you can focus on what matters. SOLE TRADER IVA: ALL YOU NEED TO KNOWAs a sole trader, you have limited options when it comes to dealing with business debt. In terms of formal procedures, You only have a choice between bankruptcy, voluntary arrangement. Bankruptcy and an individual voluntary arrangement can be a more appropriate way of dealing with debts. When compared to bankruptcy, an individual voluntary arrangement can produce a better outcome for the person struggling with financial problems. Here are important details you need to know about Sole Trader IVA. Alternatively you can look at an informal arrangement eg. Refinance, informal  Negotiations and time to pay arrangements. WHAT EXACTLY IS A SOLE TRADER IVA?A Sole Trader Individual Voluntary Arrangement is a legal agreement between you and your creditors where you only repay the debts you can afford to pay. It is an important debt solution that allows you to continue running your business, avoid bankruptcy and ultimately pay back a proportion of unsecured debts. A sole trader IVA works in the same way as an IVA for employed persons. Rather than struggling with unaffordable debt payments to many different creditors, a sole trader IVA allows you to make a single affordable payment and you will be allowed a reasonable sum each month for your basic needs.  It prevents your creditors from taking any legal action and allows you to resolve your financial issues in a structured manner. A Sole Trader Individual Voluntary Arrangement also enables you to avoid the increasing interest charges as all interests and fees on your debts are frozen so that the amount you owe does not increase.

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Insolvency Practitioners

Insolvency Practitioners FREE No Obligation Advice

We specialise in helping people take back control of their finances with professional debt advice.

Try our free debt solution finder to see how we can assist you.CHECK NOW

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How Can We Help?

Find An Insolvency Practitioner is a leading debt advice service who are dedicated to helping people who are struggling with their finances,

Get in touch with one of our friendly advisors today to see how we can help you regain control of your finances.

The Money Advice Service is an independent service, set up by the government to help people make the most of their money, they give free, unbiased money advice to everyone across the UK – online, over the phone and face to face. www.moneyadviceservice.org.uk

Our Simple 3 Step Process COMPLETE OUR ELIGIBILITY CHECKERUsing our free eligibility checker to see if you qualify. *doesn’t affect your credit ratingWE WILL CALL TO FINALISE YOUR APPLICATIONOur advisors will call you to discuss your application and finalise everything.TAKE BACK CONTROL OFF YOUR FINANCESOur team will help set up and process your application so you can focus on what matters.

HOW TO FIND AN INSOLVENCY PRACTITIONER AND MAKE SURE YOU CHOOSE THE RIGHT ONE

If your business is in a serious financial problem and there is a major risk of liquation, it is important that you find an insolvency practitioner. An insolvency practitioner (IP) is an individual authorised under the provision of the Insolvency Act 1986, to handle personal and company insolvency appointments. They will guide you and advise you on the various steps you can take for the future of your business. A licensed insolvency practitioner works in the best interest of the company directors, and the company to recoup as much as possible. Here are all the essential details you need to know about insolvency practitioners.

Need help? CALL US NOW ON 0330 133 1228 CHECK NOW

WHAT ARE THE ROLES OF INSOLVENCY PRACTITIONERS?

Generally, insolvency practitioners are instructed by directors of the company seeking insolvency advice or by debtors. However, they have a rapidly changing role. First, they will begin by advising the company’s board of directors on the multiple options available to resolve their insolvency problem. They will then oversee the balance of interest of both the company and its creditors. They can then proceed to acting solely for the creditors in case of terminal company insolvency.

Regardless of the role they are undertaking, the primary duty of an insolvency practitioner is enhance returns for creditors. This may include lifting the corporate veil, uncovering hidden assets, collecting contributions and realising assets. It is important to note that business insolvency is a complicated process and insolvency practitioners are required to act in accordance with the set rules of Insolvency Law.

Some of the critical roles of a licensed insolvency practitioner include:

Acting as a negotiating intermediary between creditors and debtors to develop a manageable repayment plan to avoid insolvency.

Handle any complex legal claims, especially if the actions of one of the parties led to company insolvency.

Discovering what went wrong in the company and notifying the creditors.

Dealing with and potentially directly running any form of business.

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VAT Debt Advice

We specialise in helping people tackle VAT Debt & take back control of their finances with professional debt advice.

Try our free debt solution finder to see how we can assist you.CHECK NOW

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WHAT YOU SHOULD KNOW IF YOU CAN’T PAY VAT

Value Added Tax (VAT) is a tax on consumer expenditure in the United Kingdom. The tax is collected by business owners from their customers when they buy your goods or services. As a business owner, you are responsible for paying the collected amount to the HM Revenue and Customs (HMRC) before the stipulated deadline. If you do not meet the VAT deadline, you will be subject to paying interests on top of the VAT bill. Additionally, if you miss more deadlines the penalties will increase further.

If you can’t pay VAT on time, it means that something is wrong with your business. Even though HMRC is considered a creditor in an insolvency situation, failure to pay VAT on time is risky as it can result in the downfall of your business. If you are a sole trader, VAT arrears are considered personal debts. This means you can leave your family home vulnerable if you are considered insolvent.

For Limited liability companies, tax arrears are a good indication that the company is insolvent. If a company continues to trade, its directors may be held personally liable for company debts.  Whether you are a director of limited company or a sole trader, it is important that you contact the HMRC early as soon as you realise you have a cash flow problem. Here is all you should know if you can’t pay VAT on time.CHECK NOW

Our Simple 3 Step Process COMPLETE OUR ELIGIBILITY CHECKERUsing our free eligibility checker to see if you qualify. *doesn’t affect your credit ratingWE WILL CALL TO FINALISE YOUR APPLICATIONOur advisors will call you to discuss your application and finalise everything.TAKE BACK CONTROL OFF YOUR FINANCESOur team will help set up and process your application so you can focus on what matters.

WHAT ARE SOME OF THE COMMON REASONS WHY VAT ARREARS OCCUR?

Failure to Register for VAT

Some business owners fail to register for Value Added Tax as they think that their turnover threshold will not exceed £83,000 in the first twelve months of trading. Note that the HMRC may carry out an assessment and this may lead to a huge HMRC VAT bill that can cause a cash flow problem to your business.

VAT Bond

If the HMRC believes beyond a reasonable doubt that you will not pay your Value Added Tax on time, you will be asked for a VAT deposit or bond. The bond acts as a form of collateral in the event that you do not pay your VAT. It is a criminal offence to continue trading if you cannot pay this security bond. Consider contacting an experienced commercial debt management company as there will be a VAT liability owing to the HM Revenue and Customs.

Tax Investigations

HMRC is entitled to carry out routine VAT inspections of all books and records for businesses that are VAT registered. This is done to ensure you are reclaiming or paying the correct VAT amount. The frequency of these visits depends on the complexity of your business and whether you have submitted wrong or late VAT returns before.

After the investigation, HMRC will notify you through the writing of any corrections or rectifications that need to be made. This can greatly impact your cash flow as you may not have foreseen the unanticipated VAT liability.

As a business owner, you should ensure there enough cash reserves in place to pay your VAT on a quarterly basis. Note that if your company is placed into liquidation, the liquidator will first determine if there are any VAT arrears. The Insolvency Service may consider disqualifying directors who have not paid VAT for a period of more than three quarters.CHECK NOW

WHEN DOES VAT LATE FILING SURCHARGES AND PENALTIES OCCUR?

If You Default

HM Customs and Revenue will consider a default if you do not file your VAT returns on time or if you have not sent the full VAT amount due on your return to the HMRC’s bank account by the deadline. If are considered default, you will enter a 12-month surcharge period.

The situation becomes even worse of do not pay your VAT again in the same period. In such a case, the surcharge period is extended for an additional 12 months and you may have to pay an extra amount (surcharge) on top of the VAT you owe the HMRC. Note that the surcharge, which is usually a percentage of the outstanding VAT, increases every time you default again in the same period.  

Deliberate Errors

If you file a VAT return that has a deliberate error, the HM Revenue and Customs can charge 100 per cent of any tax over-claimed or underestimate.

Wrong Assessment

The HMRC can charge you a 30 per cent penalty if they send you an assessment that is too low and you fail to inform them it is wrong within 30 days.

WHAT SHOULD YOU DO IF YOU ARE UNABLE TO PAY VAT?

Sometimes, despite your best efforts, you may not have sufficient funds in the bank to pay your VAT. So what are your options? Do not ignore it as you will make everything worse. Here are some valuable tips on how to deal with VAT arrears.

Submit Your VAT Returns

Even if you are unable to pay VAT, you should still submit your VAT returns by the set deadline. Failure to do so, may lead to the HMRC issuing a VAT assessment in lieu of the missing returns which could potentially result in higher than actual VAT liability. By submitting your actual VAT returns on time, you’re confirming that you owe the HMRC and you are still fulfilling your VAT reporting obligations as much as you can.

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Mis Sold SIPP Compensation

We specialise in helping you reclaim back money lost due to receiving bad advice in regards to investing your pension into a SIPP scheme.

Try our free Mis Sold SIPP Checker to find out if your eligible to make a claim.CHECK NOW

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MIS SOLD SIPP CLAIMS: ALL WHAT YOU SHOULD KNOW

Pension Mis Selling is one of the biggest scandals facing the Financial Sector in the United Kingdom.

A Financial Lives Survey carried out by the Financial Conduct Authority revealed that one in every eight people who received advice in the past 12 months, one may have been mis-sold an investment or a pension product at some point.

Cases of mis-sold SIPPs investments are increasing every month as more misselling is discovered.  Chances are that you may also have been mis-sold a pension and you may be eligible to make a claim.

WHAT EXACTLY IS A MIS SOLD SIPP?

To clearly understand what a Mis-Sold SIPP is, you need first to know what a SIPP is.  SIPP stands for Self Invested Personal Pension. It is a kind of personal pension that allows you to hold multiple investments and products. This means you can manage your pension pot and play an active role in deciding where your money is invested.

SIPPs can deliver higher growth, but they usually attract high fees due to the flexibility and earning potential for investors. As a result of the high fees earned from SIPPs, many advisers convince people to transfer into SIPPS so that they can gain additional commissions.  So, what is a Mis Sold SIPP?

A Mis Sold SIPP means you were given the wrong investment advice, the risks were not explained to you or your adviser did not give you all the necessary information to help you make a conclusive decision and you ended up investing a product that was not appropriate for you.

MIS SOLD SIPP CLAIM

Mis sold SIPP Compensation are a leading claims management company who can assist you with reclaiming back money lost due to bad advice in regards to investing into SIPPs. You need to be a UK resident to qualify to make a claim.CHECK NOW

Benefits Of Claiming With Mis Sold Sipp Compensation?RECLAIM BACK WHAT YOUR OWEDWE WORK ON A NO WIN NO FEE BASISREGULATED CLAIMS MANAGMENT COMPANYDEDICATED CLAIMS HANDLER

HOW DO MIS SOLD SIPPS ARISE?

In most cases, a Mis-Sold SIPP starts with an advisor or sales agent telling you about a fantastic investment opportunity you can’t miss. You are promised high returns in a short period of time, which is not true.

Some advisers may convince you to transfer from a guaranteed benefit scheme, such as your Employer’s Scheme, and save into a SIPP so they can get additional commissions. What is even more alarming is that some SIPP advisers even encouraged people to pay their savings into investments abroad which have subsequently dissolved, making people lose large amounts of money.

Generally, SIPPS are riskier than any other types of savings as their success depends on where the money is invested.  Your financial adviser has the responsibility of ensuring you are not taking too much risk. They have a duty to examine your financial circumstances as well as your attitude towards risk.

Despite this, some financial advisers still encouraged their customers to invest in risky investments without informing them of the dangers involved.  As a result, customers are facing depleted pension funds and potential financial difficulties in their retirement years.  If you believe you was mis sold by your SIPP provider or financial adviser, you may be eligible to make a SIPP Claim.

COMPANIES WHO HAVE MIS SOLD SIPPS

Arfen PLC Oil

AIGO Funds

Auhua Clean Energy

Pensionoligy UK

Portafina LLP

Premier Financial Solutions

Luapkram (formely Ashton Hoyle Limited)

MFS Partnership

SFIA Limited

Shah Wealth Management

Smile Global

Sovereign Financial Services

Strachan & Windram Limited

Strategic Wealth Management

Tailor Made Independent

The Pensions Office

Turnberry Wealth Management

WHY SHOULD I MAKE A MIS-SOLD SIPP CLAIM?

In most cases, a Mis-Sold SIPP starts with an advisor or sales agent telling you about a fantastic investment opportunity you can’t miss. You are promised high returns in a short period of time, which is not true.

Some advisers may convince you to transfer from a guaranteed benefit scheme, such as your Employer’s Scheme, and save into a SIPP so they can get additional commissions. What is even more alarming is that some SIPP advisers even encouraged people to pay their savings into investments abroad which have subsequently dissolved, making people lose large amounts of money.

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Prism Marketing Group

Prism Marketing Group is a Manchester based marketing agency who can help create a web presence for your business and increase your revenue through digital marketing to take your business to the next level.GET A PROPOSAL NOW

Who Are Prism Marketing Group?

Prism Marketing Group is an all in one solution to your business growth strategy, we don`t just stop at helping your business grow with unique website designs or making sure your brand can be found at the top of google search results, we also help your business grow through our network of partners who are offering the highest level of service at the lowest prices in each of their industries.

You can see how Prism Marketing Group can take away the need and stress of having your own digital marketing department.

We believe in fair pricing and are confident we won’t be beaten on quality and results.

Get in touch now for a free consultation with one of our marketing experts and see how we can grow your business today with a FREE business growth proposal.

Services We Provide

WEBSITE DESIGNWe can help design a beautiful website for your business to showcase your work and to generate you new business enquiries.LEARN MORE

PAY PER CLICK MANAGEMENTWe can help grow your business using AdWords to generate fresh new business enquiries.LEARN MORE

SEO MANAGEMENTUsing SEO we can improve your organic ranking on Google for your desired keywords to generate you new business enquiries.LEARN MORE

SOCIAL MEDIA MANAGEMENTUsing the power of social media we can create highly relevant ad copy and deliver these ads to your target audience, generating you new business enquiries.LEARN MORE

WEB DEVELOPMENTOur team of highly skilled web development experts can take care of any development works you may require from basic to advanced apps.LEARN MORE

OTHER BUSINESS SERVCIESWe don’t just stop at digital marketing, Prism offers a full marketing solution and we can assist with everything from recruitment to payment terminals.LEARN MORE