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Business insolvency figures can provide a valuable clue as to the state of the economy, but the picture isn’t always straightforward. Over the past few years, in particular, figures have sometimes been skewed by the effects of the pandemic. Many failing businesses were artificially propped up by government support, pushing the figures up when they finally entered insolvency. The figures for July 2024 have been

The private rental sector has been volatile for some time, with changing regulations, fast-rising rents and difficulties for landlords, and that doesn’t look like ending any time soon. What with a reduction in the buy-to-let market, further increases in the cost for tenants and uncertainty over what measures the new government might bring in, the whole sector is holding its breath. A Fall in the Buy-to-Let Mark

Traditionally, people have always been terrified of “the bailiffs”. They’ve been seen as people who can descend on you and use strong-arm tactics to seize your property and leave you destitute. That’s a very Dickensian picture, and while it may have once been true, enforcement officers (as they’re more correctly called) are carefully regulated today. And a recent survey showed that 83% o

In difficult times like these, resorting to Buy Now Pay Later (BNPL) can seem like a lifesaver. Used carefully and with full understanding, it can be a good way of spreading costs for items you can’t immediately afford. The problem is that many consumers don’t fully understand the terms and, as recent research by TotallyMoney shows, repayments can very quickly build up. What Is Buy Now Pay Later? BNPL is

If you employ people in your business, you already have plenty of things to remember for their terms of employment. Well, since 6th April there are two more — and not being ready for them could land you in trouble. Changes to Flexible Working Rules The Covid lockdown finally put paid to the already dying traditional model of working, where everyone came into a workplace and stayed from nine till five. Depending on th

The last quarter of 2023 saw the UK going formally into recession, and that’s bound to affect the mood among small businesses. It’s not a coincidence that a survey by the Federation of Small Businesses (FSB) found that businesses felt more pessimistic during Q4 than Q3. Lower Levels of Optimism Among Small Businesses The FSB’s Small Business Index for the final quarter of 2023 found a reduction in s

Recent economic news seems to have been an improvement on last year, with inflation and interest rates holding steady. Two recent surveys by Novuna Business Finance, however, show that small business owners are still having sleepless nights about their position — and many fear that they may have to close within the year. Concerns Affecting Small Businesses 75% of small business owners have said that worries about the

None of us like to think of our companies facing insolvency, but unfortunately that can be the reality of business, especially at the moment. Record numbers of business insolvencies are being recorded, so it’s vital for Directors to be clear what they should and shouldn’t do — preferably before they’re faced with the choices. What Is Insolvency? Section 123 of the Insolvency Act 1986 sets out variou

The Federation of Small Businesses reported that, for the 4th quarter of 2023, 40% of small businesses reported a fall in revenue, and confidence had also plummeted. Which makes it more surprising that, according to research by three separate organisations, optimism is high among small businesses for 2024. Expectations for Growth in Turnover In a recent poll by lender Iwoca, 47% of small businesses were expecting an

With the recent steep rises in the Bank of England’s interest rates, it was inevitable that mortgage repayments were going to rise. However, a recent survey suggests that the position is worse than most people expected. It’s now expected that monthly repayments will rise by an average of £617. The Research Results According to research by The Mortgage Lender (TML), 80% of homeowners are concerned about rising rates,