We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

Insolvency figures reach new high

05 Aug 2019

The number of company insolvencies in England and Wales has risen to its highest level in five years, according to the latest data from the Insolvency Service.

4,321 company insolvencies were recorded in the second quarter of 2019 – a 12% increase on the same period last year. It is the highest quarterly number recorded by the Insolvency Service since the beginning of 2014. The increase was largely driven by Creditors' Voluntary Liquidations (CVLs).

According to the Insolvency Service's latest figures, CVLs accounted for 70.4% of all company insolvencies. 18.2% were compulsory liquidations, and all other types accounted for 11.4% of insolvencies.

Commenting on the figures, Martin McTague, Policy and Advocacy Chairman at the Federation of Small Businesses (FSB), said: 'These latest figures are hugely concerning, highlighting the immense strain that small businesses are under.

'Uncertainty is now severely weighing on small firms and the self-employed, making it harder for them to invest, plan and grow. Central to this is the unknown nature of what the UK's future relationship with the EU will look like and the growing risk of a cliff edge no-deal Brexit on October 31, for which smaller businesses are simply not prepared.'

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2024 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.