Phoenix companies - is this a new record?
A timber frame company went bust recently and I checked out its directors. During the course of the past ten years, they co-ran 16 current or recently dissolved/liquidated companies (most are set up and then quickly dissolved as it happens, and one of them had three further companies too).
Is this a record?
I am aware from evidence at one of the recent creditors meetings that the directors know exactly what they are doing but I am quite curious see how phoenixing on this scale can be justified by any firm accountants.
So, has anyone worked for the firm of accountants who advised on this set up, or one like it? Obviously I can see that you have been doing very well abusing ESC C16 and according to what published accounts are around, I note that you were not keen on accounting for work in progress either, but tell me, how did you ever calculate how many associated companies to put in the corporation tax comp?
- Limited Company - Personal Bank Account 2,270 40
- Entrepreneurs' relief for trustees - receipt of rent 128 3
- Paint Manufacturer Flat Rate Scheme 265 11
- VAT on motor expenses 874 31
- Associated companies - CT small profits relief 144 7
- Introduction of Goodwill 174 5
- PayPal Transaction Analysis 148 4
- Incorporation - any tax advantage? 730 19
- Company overdue but wants to be struck off 379 12
- Money transfers between companies owned by one person 192 9
- A change from the old Q v NQ debate 314 11
- Sage 50 (2010) 96 2
- ideas for a bonus scheme for accountants 383 3
- Recommendation of US tax adviser? 86 1
- Notes to statutory accounts 315 15
- Two clients (married to each other) disappeared from client list 391 9
- VAT code for invoice from not VAT registered company 125 2
- HMRC VAT misstatement disclosure 92 1
- VAT Registration 453 19
- Tax Credit Overpayment 271 9
- Skandia using wrong address 1,538
- Nil Rate Band Trust - index linked debt by way of charge over property 845
- International interest certificate 464
- NOVA 323
- Subby expenses subject to tax & NI? 221
- Can Limited Company Buy Share of Rental Property? 214
- Bonus Bonds 203
- Management expenses for investment company 200
- DOUBLE TAXATION RELIEF BETWEEN A PRIVATE LTD COMPANY AND GREECE (the private Ltd has no employees and its main activity is 190
- Have we escaped Gift with Reservation of Benfit & Pre-owned asset charges? - Gift after benefit 177