In the hunt for extra revenue, one tax relief that the Chancellor (whomever is sucessful) is bound to look at closely is Entrepreneurs’ Relief. How can the tri group help with solvent liquidations before its too late?
The Institute of Chartered Accountants in England & Wales has recently published its Business Confidence Index for the second quarter of 2019. And pretty grim reading it is.
Entrepreneurs’ Relief is an attractive relief for payers of capital gains tax, when disposing of qualifying business assets, commonly shares in a trading company. Normally this is when the business has been sold or is coming to an end for some other reason, such as retirement. It brings a reduction in the rate of tax payable to 10%, as opposed to the usual rate of up to 28%.
Particularly for the retail and hospitality sectors, the last year or so has been pretty bleak. Big names like Toys R Us, Maplins and Poundworld all disappeared from the high street, whilst a long list of others, including Prezzo, Carluccio’s, Marks & Spencer. Mothercare and New Look have shrunk.
The number of insolvencies of individuals in the year was 115,299, continuing a steady year-on-year rise which began in 2015. This gives the highest annual figure since 2011.
The Insolvency Services has recently published the official insolvency statistics for 2018. As widely reported, pretty sorry reading they make. Here are our thoughts on how 2019 may look.
How do you spot the warning signs of a failing business?
The Insolvency Service has published the official insolvency statistics for England and Wales for the first quarter of 2018.