2018 is rapidly drawing to a close and this coincides with the recent Budget announcement and David’s first anniversary with the firm and the opening of our Tunbridge Wells office. It therefore seems an appropriate time to share some reflections and observations. If anything we thought this would make a nice change from our usual technical articles!
Our contacts often ask “are we busy?” and “is there a lot insolvency about at the moment?” – in terms of our firm’s experience, we were doing a lot of solvent liquidation work last year whereas we have seen far more cases of insolvency this year. This seems to be a general trend according to statistics released by the Insolvency Service which show an increase in corporate insolvencies.
What has caused this? One can never be entirely sure however uncertainty with Brexit looming has played a not-insubstantial part together with a harder line being taken by HMRC when it comes to unpaid taxes.
It will also be interesting to see whether there is a spike in solvent liquidations between now and April as a result of the Budget announcement that the qualifying period for Entrepreneur’s Relief is to be extended from one year to two.
We will be in touch again in December to express our best wishes during the festive season and to thank you all for your continued support. In the meantime, please do not hesitate to contact one of us if you have a client in need of our help or any general questions related to our field. Initial calls and consultations are free and without obligation and we encourage you to make use of this if the need arises!