Administration: taxing consequences

Article Abstract:

The Insolvency Act of 1986 provides for several different tax consequences of administration. Tax assessments that fall on the company are responsibilities of the company not the administrator and arrangements should be made in advance with the Inland Revenue. Tax losses which are accrued prior to the appointment of an administrator are to be carried forward against future profits. Additionally, a new corporate tax accounting period commences when a liquidator is appointed so impending chargeable gains should be charged to a loss making tax period instead of a liquidation period. Finally, tax liabilities arising from administration will become expenses of the corporate voluntary arrangement if they are not properly planned.

United Kingdom, Taxation

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The pre-insolvency troubleshooter

Article Abstract:

Investigating accountants are called in when a company is approaching insolvency. They are usually hired by a bank or the shareholders. The use of an investigative accountant allows the company to solve its problems without attracting outside attention to the situation. The investigative accountant's responsibilities include reviewing management practices, researching the company's history, analyzing lending security and risk, and designing a rescue plan.

Analysis, Investigations, Accountants, Business losses

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Retention of a title: a practical guide

Article Abstract:

Retention of title is a complicated concept that can equally affect a supplier of goods and the practitioner specializing in insolvency. A case study is discussed to illustrate important aspects of retention of title, as well as to illustrate how the Sale of Goods Act of 1979 applies to the understanding of the concept.

Accounting, auditing, & bookkeeping, Laws, regulations and rules, Property, Commerce

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