If your business is in financial difficulty get proper accounting and legal advice, to increase the likelihood of business survival.
Some warning signs of insolvency are:
- Ongoing losses
- Poor cash flow
- Incomplete financial records
- Increasing debt
- Problems selling stock or collecting debts
- Unrecoverable loans
- Creditor’s unpaid or paid outside of trading terms
- Solicitor’s letters, demands, summonses, judgements etc. Suppliers placing your company on C.O.D. terms
- Overdraft limit reached or defaults on loans repayments
- Problems obtaining finance
- Overdue taxes and superannuation obligations
Make sure you can substantiate ALL of your tax deduction claims.
Please contact me if you need assistance.