A new private members bill was launched in the House of Lords on 21st January in order to clamp down on the legislation surrounding late payments. The impact of late payments is felt across many industries, particularly with SMEs (small and medium-sized enterprises), who are left in increasingly precarious situations. It’s not just individual businesses…
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The Office of National Statistics (ONS) has revealed that the number of UK pubs and bars increased for the first time in a decade during 2019. The total number rose by 315, or 0.8%, last year to 39,130. And it’s thought that food sales have been a driving factor behind this. Figures also showed that…
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There is a lot of speculation regarding what is going to be announced in the Budget on 11 March regarding Entrepreneurs’ Relief (ER). The Labour party were reportedly going to scrap ER had they won the General Election, and we shall soon see what the Conservative Government plans to do. Whilst they have expressed strong…
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Deciding to close down your company can feel like a daunting decision, which is likely to be costly and stressful. However, this doesn’t have to be the case. A Members’ Voluntary Liquidation (MVL) can make the whole process of closing your company easier and far more tax efficient. Ensuring profits are fairly distributed to shareholders…
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If your company goes into liquidation it is important to remember that there is an order of priority when it comes to who gets paid. The order has been laid out ever since the Insolvency Act 1986, which determines which creditors receive payment first during an insolvent liquidation. Before any funds can be allocated to…
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