Economy
The UK construction industry writes off £2bn annually of bad debt
According to a report released earlier this year from Bibby Financial Services, the UK construction industry has a very serious problem managing its bad debts. Just over 70% of small, medium and large UK construction firms write off an average of £10,000 per year. Often firms have to write off the debt completely, settle with…
Read MorePoor Policing Leaves HMRC Exposed
I strongly disagree with the Insolvency Service’s recent claim the organisation ‘…does not hesitate to punish irresponsible directors.’
Read MoreInformal Corporate Insolvency Debt Costs Creditors £5bn Every Year
An investigation into millions of collapsed British companies has found that every year, around £5bn of unpaid ‘hidden debt’ is left behind by businesses that close down without going through any formal insolvency procedure.
Read MoreHMRC Targets SMEs, But Ignores Corporate Tax-Dodgers
Restaurateurs and other small business owners are being targeted by HM Revenue & Customs (HMRC) as part of a national crackdown on tax evasion. Over the next few weeks, specialist tax inspection teams will pursue restaurants with intensive sting operations across London, Manchester, Liverpool, Cumbria and parts of and Scotland.
Read MoreDavid Cameron Paves Way for HMRC to Target PAYE and NIC Dodgers
From April 2012, HM Revenue and Customs (HMRC) will require a security from employers if they suspect National Insurance Contributions (NIC) and Pay As You Earn (PAYE) taxes will be unpaid. HMRC claims the new legislation, which includes a criminal offence for business owners that are asked to give security but fail to do so,…
Read MoreJohnson Matthey Bank Bailout Fraudster Jailed After 25 Years
A fraudster linked to the spectacular collapse of Johnson Matthey Bank (JMB) has been jailed in London for 16 months – more than 25 years after his crimes were committed. Prosecutors were unable to bring proceedings against Vasant Advani, 67, after he left the Capital for West Africa in 1986.
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