Keep up to date with all the latest goings on at White Maund.
The most recent insolvency stats have been released from the insolvency service for Q4 of 2018. Corporate insolvencies increased to 16,090 which is the highest level since 2014 and comprised of increases in all types of corporate insolvency with the exception of administrative receivership. Whilst corporate insolvencies feel by 9% from Q3 to Q4, there […]
Whether described as disguised remuneration or tax avoidance schemes one thing is sure HMRC are clamping down and looking for ways to recoup their losses. In the past, as a way of avoiding income tax and national insurance, employees were given tax-free loans. HMRC have been cracking down on these schemes for some time but […]
One of the key points Philip Hammond delivered in his third Budget was the return of HMRC as a preferred creditor in insolvency cases. In 2002 the Enterprise Act removed HMRCs right as a preferential creditor and ranked it alongside unsecured creditors. At present, taxes paid by employees and customers are not always provided to […]
White Maund are delighted to have raised £150.00 for their 2018 chosen charity Forward Facing. Forward Facing are a charity that help families and children across the South East, supporting children and young people with long-term illnesses or life-threatening conditions. It aims to help them forget their daily struggles, experience positive emotions, and make lasting […]
R3 the insolvency practitioners’ insolvency body has reported that there has been a further increase in female personal insolvencies compared to men. The gender pay gap, as well as other stereo-typical gender roles in both business and family life are said to be behind this increase. The introduction of Debt Relief Orders has also played […]
It has been reported that 2,764 construction firms entered insolvency in 2017/18, jumping 6% in just a year from 2,608 in 2016/17 This substantial rise in construction insolvencies can be seen as being partly due to the fall-out following Carillion’s liquidation in January 2018. Many of the reported insolvent firms were part of the supply […]
White Maund held a seminar for accountants titled ‘Beating the Decline Curve’ on 2nd October at the Sussex County Cricket Ground. The seminar was well attended and consisted of a light breakfast followed by a detailed presentation covering the various stages of a business’ decline and the possible outcomes. The seminar then went on to […]
2018 has been reported in insolvency news sources as the year of the CVA (Company Voluntary Arrangement) and in particular the Landlord CVA. The news has been full of established high-street names using CVAs to help streamline their businesses by looking at their leasehold commitments, closing some premises and trying to get rent reductions for […]
A worrying trend sees that the geographical spread of personal insolvencies shows that seaside towns are most effected. The North East and coastal towns such as Plymouth and Scarborough typically had the highest concentrations of personal insolvencies. The places which have the highest rate of personal insolvency tend to be seaside towns, as well as […]
If a company or individual falls behind with TAX or VAT payments, there may be an opportunity to negotiate payment terms with HMRC, or enter into a formal Time to Pay Agreement (which we have looked at in a previous blog). Let’s assume that a company has been unable to agree terms with HMRC and […]