Link: Budget special
In an announcement following this year?s Budget, the Inland Revenue said it was changing the accounting periods for companies in liquidation and administration.
Under the new rules the administrators will now be able to calculate tax liabilities based on the previous year’s tax rates. According to the Revenue, the new measures are designed to speed up the process of administration
Companies in administration will no longer continue their accounting period as normal. Instead, they will have to change the periods, to begin when the insolvency procedure starts.
The rules are likely to affect companies in liquidation and administration and will apply when the new rules of the Enterprise Act come into play.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children