Business start ups – Get free advice
Setting up a new business can be a stressful time, as there are lots of questions to which you probably do not know the answers.
For a free initial meeting, contact Michael Fagelman on 01329 821900.
Consolidate Your Accounting Services With Us
For further information contact MFA Chartered Accountants and Insolvency Practitioners based in Fareham, Hampshire and covering Portsmouth, Southampton, Havant, Locks Heath, Petersfield, Waterlooville, Horndean, Titchfield, Lee-on-Solent, Emsworth, Park Gate, Warsash and all surrounding areas. Please call MIchael Fagelman on 01329 821900
Your accounts might be incomplete paper records residing in a couple of plastic carrier bags, immaculate computer records or something in between.
You may need regular accounts prepared, so you can keep a focus on your cashflow situation, be in the process of trying to obtain finance, or need your annual accounts prepared for the Inland Revenue.
We can relieve you and your staff of an enormous burden by taking care of all your bookkeeping and accounting needs, including the preparation of your annual accounts.Our first step is to work with you so we can gain a full understanding of your business. We then tailor our approach to your requirements so we can provide exactly the service you need.
For periods commencing on or after 6 April 2008, the threshold for a company requiring an audit is £6.5 million. Where there are several non related shareholders in a company we would recommend an audit.Though business owners traditionally regard the annual audit and preparation of annual accounts as a necessary evil that adds no value to the business - we strive to provide some benefit to the Company.
Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due. A first time bankrupt with debts will generally receive their discharge within one year after the date of the bankruptcy order.Although bankruptcy has a bad stigma and is publicly advertised, it should always be considered when dealing with individual insolvency cases.
More and more people are now starting their own businesses , having either come up with agood idea for a new venture or tired of working for other people. Most who start up in business do so because they have a good business proposition and the enterprise and commitment to see it through. However, they are not necessarily expert at the legal, financial, and fiscal aspects of running a business.
Attending Business Meetings
We can accompany you to your finance house if you are seeking finance, additional finance or renegotiating terms. Where required, we can also attend your business meetings as a non-executive director, either as additional support or as a firefighter when tough talking needs to be done.
Tax Compliance and Planning
Business tax represents a substantial part of your trading costs. Moreover, the increased reporting obligations, robust investigation policies on the part of the tax authorities, and harsher penalties for non-compliance mean that an undue amount of your time and resources can be taken up collecting revenue for the Government.
Offering an invaluable tool for running a business, Management Accounts can be prepared on a monthly, quarterly or half-year basis. Whichever you choose, our assistance will put you in the stronger position of knowing exactly what is happening at the very heart of your business.
Liquidation usually means, the company's trading stops and its assets are turned into cash or "liquidated". All other possible liabilities, like employment or renting a property, are stopped. There are three types of liquidation in the UK:
Creditors Voluntary Liquidation is a procedure instigated by the directors, who make a decision that the company is not viable, it is insolvent and should stop trading. The directors then ask a licensed insolvency practitioner to call both a members’ and creditors meeting as soon as possible (not less than 14 days notice is required), in order to pass the resolution to wind up the company and appoint a Liquidator.
Compulsory winding-up is a legal process by which a liquidator is appointed by order of the court to 'wind up' the affairs of a limited company. At the end of the process the company ceases to exist. Winding up does not mean that the creditors of the company will necessarily get paid. The purpose of winding up a company is to ensure that all the company's affairs have been dealt with properly. This involves:
When these things have been done the liquidator applies to have the company removed from the register at Companies House and dissolved, which means the company ceases to exist.
How do I prove to the court that the company cannot pay its debts? The court will regard a company as being unable to pay its debts if any of the following occurs:
This is a procedure where the company is not insolvent or the purpose for which the company was formed has come to an end. The company assets are realised and creditors paid in full. Any surplus funds are paid back to shareholders.