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Following last month’s plea from the Federation of Small Businesses and other industry bodies that a planned overhaul of payroll taxes in April should be softened, HMRC has announced that it is easing real time information (RTI) reporting arrangements for SMEs.

When your business is visibly struggling and you are attempting to identify the most important assets that you need to make creditors and insolvency practitioners aware of, the actual property can often be overlooked.

Several members of the coalition government have made a number of loud noises about how the emergence and expansion of SMEs could represent Britain’s best chance economic recovery. However, the effectiveness of previous initiatives such as the Funding for Lending Scheme has been questioned in this regard.

"In a company administration the term ""pre-pack"" is a restructuring strategy where the administration procedure is used to sell the business and assets of an insolvent company to a new company under an arrangement agreed prior to the appointment of an administrator. The sale is usually effected immediately upon the appointment of the administrator."

The new Debt Management Protocol, designed to cut down on poor advice from misleading debt management firms that is set to be implemented in April 2014, is likely to see an increase in the numbers applying for Individual Voluntary Agreements (IVA).