Cowgills

As a result of a processing error at HMRC, some voluntary class 2 National Insurance Contributions for the 2022/23 tax year have not been correctly recorded 🚨 Disappointingly, HMRC say they cannot identify who has been affected by this computer error and will not be alerting those affected to the problem. Please check your NIC records if you think you might have been incorrectly taxed. And do get in touch if you have any queries https://lnkd.in/emcq2E6g

A really interesting and potentially controversial ruling handed down by High Court recently in relation to conversion to CVL in Administration In brief, in order to move from Administration into CVL there must be an anticipation of a distribution to “unsecured” creditors. In Hobson v OAS Realisations (2022) Ltd the judge held that the company had properly converted to CVL despite a dividend only being paid to HMRC as a secondary preferential creditor in the sum of 59p/£. Whilst strictly speaking “Preferential” creditors do not hold security and are therefore by very definition “unsecured” the Insolvency Act does specifically (for very good reason) categorise them separately and the distinction is very important in circumstances concerning other consents required during an Administrators period in office. “Lumping” HMRC into the unsecured creditors category for this purpose has the unfortunate knock on effect of creating several inconsistencies within the act Were I cynical, I would be expecting Administrators to forthwith regularly pursue the “simple” route to converting companies into CVL simply by relying on a payment to HMRC as preferential creditors. I would be very surprised if this isn’t addressed quickly. Who said insolvency wasn’t sexy!!!! Happy Thursday everyone 😊

Our Deal Advisory team are on fire at the moment! 🔥 Another successful deal completed, as they advise specialist recruitment company Metric on a multi-million-pound investment from BGF, one of the largest and most experienced growth capital investors in the UK and Ireland. Great work from our entire Deal Advisory team, including James Kennedy, Brett Marsden, Tom Roberts and James Marshall, as well as our Tax team Georges Daubney and Jason Gauthier, ACA, CPA (Canada) who advised and supported on the deal. You can read the full story right here https://lnkd.in/d4XrKuRY

We'd like to offer a warm congratulations to our client urbanbubble who has been shortlisted for Fast Growth Business of the Year at this year's TheBusinessDesk.com Business of the Year Awards 2024! Well deserved, and we wish you all the best at the ceremony in October 👏

And what a way to end the week - brilliant result for our Deal Advisory team as they advise Yard Data on their sale to Koios Consulting Ltd, led by Brad Seekings, with support from Samuel Davies, Tom Roberts and Joseph Taylor. Great work team - another deal complete in the tech space 👏 You can read the full story right here on TheBusinessDesk.com https://lnkd.in/eXfCV-dD

Last Friday, we celebrated the start of another summer (even if it doesn't feel like it yet!), with our annual Summer Party! ☀️ This year, we arrived en masse to Liverpool for a treasure hunt across the city... calling into a few bars along the way 🍻 It was brilliant getting everyone together for a day of laughs, riddles, and A LOT of competition! 😂 Is it time to plan for Christmas yet? 👀

Pleased to have sponsored and attended The Neston Club & Parkgate Clubhouse's Sporting Lunch yesterday, with special guest Steve Cram CBE - who won the 1500m silver medal at the 1984 Olympic Games! Great to spend time with some new and old connections - and always a nice treat to get out of the office for a rare afternoon! 🙏

That's it - another General Election over and a landslide victory for Labour 🔴 Ahead of last night's win, we asked our Head of Tax, Lisa Wilson, what she thought owner managed businesses - her clients - wanted to see from the result. 🧠 A key takeaway: "Any future government should look further than the next five-year term and implement a more longer range tax policy strategy, preferably with cross party agreement, which ensures it gets delivered irrespective of who is in power – this would stop the bias in how funding is applied and genuinely contribute to improving the UK economy." You can read her full piece below, and if you have any queries about changes that may come into play now that Labour are in power, please do get in touch.

Cowgills are delighted to sponsor todays event at The Neston Club & Parkgate Clubhouse. Steve Cram is todays guest speaker at the sporting lunch 👏

A small selection of our Deal Advisory and Tax team collecting their well deserved Regional Corporate Finance Advisory Team of the Year award at TheBusinessDesk.com North West Rainmaker Awards 👏 Georges Daubney Eleanor Robinson James Kennedy James Marshall Samuel Davies Ben Barlow Brett Marsden Tom Roberts Ed Higham