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Insolvencies increase but there is some good news
Business insolvencies in the UK increased by 3.7% in the first three months of 2011, with 4,121 companies failing, according to the government’s insolvency service.
At the same time, figures from HM Revenue & Customs (HMRC) show that the number of Time To Pay (TTP) requests that were refused during the first quarter of 2011 increased to 9.3%, compared with a refusal rate of just 2.7% in 2009.
Peter Whalley, a partner in the insolvency team at Thames Valley accountants and business advisers James Cowper, said: “Whilst it is difficult to establish a direct link between the increase in business failures and the tougher stance taken by HMRC
it does paint a particularly gloomy picture for struggling SME businesses.
“With banks seemingly unable or unwilling to lend to SME businesses and with scarce business angel funding I believe the rate of business failures is likely to continue to rise.”
The government’s TTP scheme offers businesses that are struggling to meet VAT or Corporation Tax demands the opportunity to negotiate a payment regime, with HMRC spreading payments throughout the year or longer.
Whalley added: “There have unfortunately been instances of businesses abusing the TTP regime,
seeking to spread payments when they have had money in the bank. The change of government and the focus on removing the country’s deficit undoubtedly means that there is less political pressure on HMRC to be seen to be helping businesses. It is perhaps not surprising that HMRC is taking a tougher stance.”
Any businesses considering negotiating a TTP arrangement with HMRC should be advised to first speak to an insolvency specialist experienced in negotiating the terms of such arrangements, says James Cowper.
The picture is not entirely gloomy for this region, however. Independent insolvency statistics provided by Experian suggest that the number of businesses failing in the south east has slowed down, with 165 businesses failing in the 12 months from January 2010 to January 2011, a fall of 23% on the previous 12 months.
Details:
www.jamescowper.co.uk
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www.businessmag.co.uk
THE BUSINESS MAGAZINE – THAMES VALLEY – JUNE 2011
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