The effects of the tax changes for Partnerships and Partners is about to be felt These are testing financial times for the many professions such as accountancy, legal practices and other businesses run through Partnerships. In January 2022, HMRC announced changes to the basis on which the profits of standard Partnerships and limited liability Partnerships (LLPs) would be assessed, starting
A Notice of Intention (or NOI) to appoint Administrators is a preliminary process used by a Company to inform certain parties that it intends to go into Administration. The NOI document is submitted to Court and has the effect of immediately stopping any ongoing or threatened creditor legal action against the Company. Why file an NOI? The use of the
As the festive season approaches, the business news continues to be dominated by reverberations from the Budget. There has been a stream of grim warnings about job cuts and closures from prominent business leaders in the sectors, which will be most seriously affected. UKHospitality predicts a £3bn annual hit from next April, while the British Retail Consortium is forecasting an
The calendar year 2023 gave us the unwelcome statistic of the highest annual figure for business failures on record, as 26,766 companies across the whole UK went into one or other insolvency procedures. Since then, the rolling twelve-month total rose almost uninterrupted until it reached 27,188 in July 2024. The publication of the latest corporate insolvency number of 1,976 for
The old business cliché that ‘Cash is King’ has a dark flip side for businesses. A lack of cash can mark the trigger point for a business’s decline. When cash flow is poor, bills may not be paid on time, meeting payroll becomes an issue, suppliers may query the delivery of goods and services or even cease taking orders through
When we last reported on the financial health of the hospitality sector in June this year, the position was far from positive. In particular, we noted that: The average financial health rating for the hospitality sector is only 31 out of 100, compared to the whole economy at 45. Over half of hospitality companies are at serious risk of insolvency
