Insolvency, Liability & VAT Chaos: How to Mitigating the Legal & Financial Risks

In this episode, Alex and Pooh are joined by Gareth and Stephanie Buckley, the co-founders of The InSOLVEncy Company which in 2024 became a part of Monahans, a leading accountancy and business advisory firm. Gareth and Sephanie spotted that many smaller business owners could greatly benefit from some real-world based practical advice and a good listening ear.  THE AIRBNB BLUEPRINT CONSULTANT - CONTACT US https://welcome.airbnbblueprint.co.uk   KEY TAKEAWAYS Seeking advice from an insolvency practitioner as soon as you know your business is struggling is wise. By taking the right action, you can save the business. If a business is unable to avoid insolvency, the right advice limits the damage and avoids personal liability for many debts. If you are worried, seek advice before doing things like renegotiating leases or loans. Gareth and Stephanie offer free initial advice. Stay aware of upcoming changes in legislation and how they are likely to impact you. The HMRC v Sonders ruling could see some businesses having to retrospectively pay back VAT. Why that is and how to prepare for it are discussed. The abolition of TOMS may mean some businesses are no longer viable. If you are still using TOMS you need to urgently review how you are operating. The consequences of not doing so are discussed. Avoid taking the wrong actions and creating personal liability. Keeping your business account healthy is important, once an account is frozen the options available to resolve issues narrows. Shutting a business down to avoid debt does not always work. Why is explained. BEST MOMENTS “There is support available, so you don't go through this alone.” “They just needed somebody to talk to, so they could navigate through that and not end up insolvent.” “Speaking to an insolvency practitioner is evidence that you are doing the right thing as a director, looking at all options and taking it seriously.” “Its much better to keep both your personal and the business separate. EPISODE RESOURCES FOR FREE ADVICE CONTACT https://www.theinsolvencycompany.co.uk Sonders v HMRC VAT ruling - https://pkf-francisclark.co.uk/insights/big-win-for-hmrc-in-the- upper-tribunal-of-sonder-europe-ltd-toms-vat-case LINKS FREE Airbnb Blueprint Coaching Community - https://www.facebook.com/groups/2342454789487705 HOST BIOS Alex & Pooh have built a portfolio of over 16 Serviced Accommodation Units and 10 Buy-To-Lets collectively over the last 5 years.  This AirBnB Business has allowed each of them to create their own tailor-made ‘lifestyle by design.’ Pooh chose to escape the corporate life as an electrical engineer instead to spend his time at home with his young and growing family, and Alex likes to spend most of his time in sunny Spain enjoying his love for road cycling or even hiking in the Tramuntana mountain ranges. This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/