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Insolvency and bankruptcy avoidance help for firms

Published on 17 May 2010 under category: legal

Firms struggling to manage their cash-flow as the economy recovers could benefit from new toolkits created by the government tax agency.

HM Revenue and Customs (HMRC) has created toolkits to assist firms with filling out tax forms, which could help those who are having difficulties organising their finances and could be facing insolvency or bankruptcy.

Such companies could find the tax assessment toolkits convenient and economical.

According to Brian Redford, head of HMRC's business engagement team: "The toolkits provide evidence of good working practice and reasonable care and will help agents ensure that tax returns are completed correctly from the beginning - therefore minimising potential error and possible investigation."

Recent figures from R3, the insolvency trade body, found that there was a drop in the number of firms declared insolvent.

However, president Steve Law said that the decline could hide the true number of firms struggling in the aftermath of the recession.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett