Author: Glenn

Dissolving a company ends its legal existence — but unresolved assets become property of the Crown under bona vacantia. Directors must act carefully to settle assets and liabilities before dissolution, avoiding costly mistakes and lost opportunities.

Dissolving a company is a formal legal process that marks the end of its existence. While this process may seem straightforward, it is essential for directors and company officers to understand the legal and financial consequences that arise once a company is dissolved. In particular, in relation to outstanding assets, liabilities, and the principles of bona vacantia.

A company legally ceases to exist upon dissolution. From that point forward, it can neither undertake activities nor receive assets, including tax refunds. It is therefore the responsibility of the company's directors to ensure that all assets and liabilities are appropriately resolved prior to the dissolution taking effect.

Any assets or rights (excluding liabilities) that remain within the company at the date of dissolution automatically pass to the Crown as bona vacantia, a legal doctrine meaning “ownerless goods.” The management of bona vacantia assets is delegated to different bodies across the United Kingdom depending on the company's location, but all act on behalf of the Crown.

Importantly, only companies that have been formally dissolved fall under bona vacantia. Companies that are in the process of liquidation or being wound up are not yet subject to these rules, as they are still legally in existence. Until dissolution is complete, the company retains ownership of its assets and rights.

In certain circumstances, it may be possible to restore a dissolved company to the Companies Register if the dissolution occurred within the last six years. Restoration would reverse the effects of bona vacantia, reinstating the company’s rights to its previously held assets. However, this process can be complex, time-consuming, and should not be relied upon as a remedy for poor planning.

Cybersecurity might sound like something only big corporations need to worry about, but in truth, small businesses are increasingly in the firing line. In fact, many cyber criminals deliberately target smaller firms, knowing they often lack the resources and expertise to protect themselves properly.

The most common threat is phishing. These are fake emails that look convincing, aiming to trick you or your employees into giving away passwords, payment details, or sensitive company data. Ransomware is another growing problem — hackers encrypt your files and demand payment to unlock them. For a small business, losing access to critical data can be absolutely devastating.

One major risk area is the use of outdated software. If your computers, point-of-sale systems, or even your website platform aren't regularly updated, they can become easy entry points for hackers. Even something as simple as using weak passwords or not backing up data can create big vulnerabilities.

There’s also the reputational damage to think about. If a customer’s personal information gets leaked because of a cyber-attack, trust is hard to rebuild. For businesses that rely heavily on loyal clients and word-of-mouth referrals, a breach could be disastrous.

Many small businesses wrongly assume they can’t afford cybersecurity. But basic protections don’t have to cost the earth. Regularly updating systems, training staff to recognise dodgy emails, using multi-factor authentication, and investing in reliable antivirus software are all relatively low-cost measures that can offer significant protection.

Cyber insurance is another option that more small businesses are exploring. Policies vary, but good cover can help with the financial hit if the worst happens and often includes access to expert help to get you back up and running.

The Government’s Cyber Essentials scheme is also worth looking at. It’s a certification that shows you take cybersecurity seriously, and it can even help you win contracts, particularly with larger companies or public sector work.

Ultimately, cybersecurity is no longer a ‘nice to have’ — it’s as essential as locking your front door at night. A little investment of time and money now can save an awful lot of heartache and cost down the line.

For many small business owners, getting access to funding feels like trying to squeeze water from a stone. Traditional banks have always been a bit cautious when it comes to lending to smaller enterprises, but over the past few years, it’s become even tougher. With the economic uncertainty lingering after Brexit, COVID-19, and a volatile global market, lenders are now scrutinising applications more closely than ever.

Many businesses face a chicken-and-egg situation. They need funding to grow, but without strong turnover or solid security (like property), banks are reluctant to say yes. Even successful businesses often find they don't meet the banks' ‘tick box’ criteria, especially if they are newer or operate in sectors seen as high risk.

Alternative finance options have grown significantly. Crowdfunding platforms, peer-to-peer lending, and invoice financing are now on the table for small businesses. There are even government-backed schemes, like the British Business Bank's programmes, which can help. But many business owners are unsure about how these work or are wary of taking on unfamiliar debt.

Another challenge is the cost. Interest rates have risen sharply, meaning borrowing is far more expensive than it was just a couple of years ago. What might have been a manageable loan repayment in 2020 could now be uncomfortably high.

Grants do exist, but they are often highly competitive, sector-specific, or tied to innovation and sustainability projects. Day-to-day businesses just trying to expand their premises, hire staff, or invest in new equipment can feel left out.

Navigating the funding landscape requires time, research, and often professional advice. Some businesses are turning to financial brokers to find the best options, but this comes with its own costs and risks. Others are choosing to grow slowly, using retained profits rather than borrowing at all.

At the end of the day, access to funding remains a major barrier to scaling up for many UK small businesses. Without new sources of finance, many will simply tread water instead of reaching their potential.

From April 2025, more low-income workers on Universal Credit can join Help to Save. Save up to £50/month and get a 50% bonus – up to £1,200 over 4 years. A simple way to build your savings.

The eligibility rules for the Help to Save scheme were extended on 6 April 2025. This means that the scheme is now open to more than 550,000 across the UK. The scheme is now available to anyone working and receiving Universal Credit.

The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users of the scheme can save between £1 and £50 every calendar month and receive a 50% government bonus. The 50% bonus is payable at the end of the second and fourth years and is based on how much account holders have saved. The bonus is paid directly into the account holder’s chosen bank account. This means that anyone working and receiving Universal Credit can receive a maximum bonus of up to £1,200 on savings of £2,400 for 4 years from the date the account is opened.

The Help to Save scheme was also extended by a further 2 years, until April 2027. The last date an account can be opened under the current scheme will be 5 April 2027. 

The eligibility criteria that applied before 6 April 2025 meant that savers had to be in receipt of Tax Credits or Universal Credit and be earning at least 16 hours a week at National Living Wage. These criteria have now been fully removed from the scheme.

Commenting on the changes, HMRC’s Director General for Customer Services, said: 

'Thousands of customers have already benefitted from Help to Save and many more are now eligible to get a great return of 50% on top of their savings, no matter how little you can save each month. Go online or via the HMRC app to find out more and apply today.'

Skip the phone queues. Your Personal Tax Account lets you manage everything from tax codes to refunds online. Quick, secure, and all in one place. If you haven’t signed up yet, now’s the time.

Your Personal Tax Account (PTA) is a simple and secure way to manage your tax affairs online. If you want to complete tasks like checking your tax code, claiming a refund, or updating your details, this can all be done in one place. This offers a practical alternative to contacting HMRC by phone or post, helping you stay on top of your finances with minimal hassle.

While every UK taxpayer is assigned a PTA, individuals must register via the Government Gateway to begin using the service. Identity verification may be required during the setup process.

Currently, the following services are accessible through your PTA:

• check your Income Tax estimate and tax code
• fill in, send and view a personal tax return
• claim a tax refund
• check your Child Benefit
• check your income from work in the previous 5 years
• check how much Income Tax you paid in the previous 5 years
• check your State Pension
• check if you’ll benefit from paying voluntary National Insurance contributions and if you can pay online
• track tax forms that you’ve submitted online
• check or update your Marriage Allowance
• tell HMRC about a change of name or address
• check or update benefits you get from work, for example company car details and medical insurance
• find your National Insurance number
• find your Unique Taxpayer Reference (UTR) number
• check your Simple Assessment tax bill

The PTA plays an important role in HMRC’s ongoing digital transformation, aimed at improving efficiency and accessibility across the UK tax system.