Economic disruption caused by COVID‐19 will see unpaid business debt double to more than £8.6bn
this year. According to The Insolvency Service over 17,000* companies went out of business in 2019, with analysis by financial risk firm Red Flag Alert showing this meant £4.3bn of invoices were written‐off.
The number of UK companies rated as being in ‘significant financial distress’ during Q3 2018 has increased by 5% compared to the same quarter last year, according to the latest Red Flag Alert research data from Begbies Traynor, the UK’s leading independent insolvency firm.
With 18 pubs closing every week, what does the future hold for the 50,000 that remain? The environment seems bleak: increased tax on alcohol, a decreasing drinking culture among millennials and economic uncertainty are three headline reasons for pessimism, but is there reason to be hopeful?
Britain now has the highest property taxes in the developed world, according to an analysis by the OECD. It found property taxes accounted for 12.7% of the total tax burden in 2014, compared to an average of 5.6% among the OECD's 35 members.
Philip Hammond has said £2bn could be raised through a new clampdown on tax evasion, avoidance and aggressive tax planning. The measures will include a new penalty for lawyers and accountants who enable the use of avoidance schemes later found to be improper.