| News | < December 2008 - January 2009 - February 2009 > |
| Taxman showing sympathy for late payers, says Target |
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The firm says that it helped one of its clients secure a delayed payment schedule through a telephone call to HMRC. Andrew Wilson, head of Target’s corporate and business tax team in the Midlands, said: “HMRC were advised that cashflow was difficult and the client was currently seeking to raise further working capital from the bank. HMRC were asked what deferred payment terms were available and the response was to suggest an appropriate payment schedule. After a short negotiation HMRC then agreed to three months. “The agreement covers VAT, PAYE and National Insurance liabilities and was agreed over the phone. The company also asked HMRC for deferral of its corporation tax liability, which is already one month late. This is expected to be incorporated into the three-month deferral agreement as well. “Clearly, at this point in time and based on this initial experience, it appears HMRC are adopting a very understanding approach to tax payments. It is vital that businesses look to benefit from this facility.” - 2 -
Specialist teams are in place to handle the different needs of large companies, small businesses and private clients. Target is particularly effective in advising shareholding directors who want to realise maximum value from their business. The firm has led and supported numerous corporate transactions ranging in value from £500,000 to £75 million. Media inquiries to: |
| Pre-Budget Report |
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| New service puts ailing companies on road to recovery |
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Target Chartered Accountants has launched a new service to help struggling businesses to regain their profitability. Business Recover will help companies to pin down profits and losses, get cash flow under control, find new funding or persuade the bank to provide new terms, see which creditors can or will help and get the structure of the business right. Matt Eves of Target says: “The speed and severity of the current downturn has taken many businesses by surprise. Factors such as the decline in consumer spending, difficulty in raising funding and falling property values have affected even some fundamentally sound businesses and they now need help to readjust and recover their profitability. “Target is a business specialist and not an insolvency practice. We focus on improvements, analysing where things are going badly and where changes can be made. Our approach is to help businesses to look forward, rather than focusing on past figures and waiting for failure.”
Issues which struggling businesses may need to address and where the Business Recover service can assist include: Target has a proven track record of working with owner-managed businesses through good and bad times and has also helped private equity houses to drive working capital returns from their investment. Matt Eves adds: “Business recovery doesn’t have to be a polite term for administration. It really can mean what it says. Hitting a rough patch is part of business and can even lead to dramatic longer-term improvements if handled well. Most struggling businesses have good opportunities to regain profitability but they need the right help to explore all of the options.” - 3 -
Specialist teams are in place to handle the different needs of large companies, small businesses and private clients. Target is particularly effective in advising shareholding directors who want to realise maximum value from their business. The firm has led and supported numerous corporate transactions ranging in value from £500,000 to £75 million. Media inquiries to: |