George Osborne’s Summer Budget was not great news for businesses. Certainly there was some good news – reduced corporation tax, increased income tax allowances, raising the higher rate of income tax threshold and the increase in the national insurance employment allowance are all to be welcomed.
Natural Paint Limited, a manufacturer of eco-friendly paint, has been placed into liquidation by its shareholders. Graham Down, of tri group, has been appointed as Liquidator to handle the winding-up.
No man in this country is under the smallest obligation, moral or other, so as to arrange his legal relations to his business or to his property as to enable the Inland Revenue to put the largest possible shovel into his stores. The Inland Revenue is not slow – and quite rightly – to take every advantage that is open to it under the taxing statutes for the purpose of depleting the taxpayer’s pocket.
Figures recently published by the Government’s Insolvency Service show a growing number of company directors being disqualified for misconduct in running their companies.
It’s often said that a company shouldn’t trade whilst it’s insolvent. Trading whilst insolvent, even knowingly, is not necessarily unlawful although it is, of course, far from desirable.
The Government has announced that it intends to increase the minimum level of debt for which an individual can be made bankrupt from £750 to £5,000.
It’s been a tough few years, but hopefully things are at last looking up. Orders are starting to come through and the business world looks a much rosier place.
With the economy continuing to show signs of recovery, more SMEs are feeling confident about their future. However, this doesn’t mean they are all completely stable, as recent research shows that a growing number are exhibiting financial difficulties. Read more