Summer Holiday Hangovers

September 26, 2011 by · Comments Off on Summer Holiday Hangovers
Filed under: Debt, Individuals 

Recent research commissioned by the Association of Business Recovery Professionals indicates that 1.8 million people in the UK went into debt to pay for their summer holiday this year.  The poll revealed that holiday-makers took on additional debt of £1,581 on average (an increase of 40% on last year) which will take about nine months to repay compared to seven months in 2010.  Given current inflationary pressures, tax increases, etc, the results of the poll should hardly come as a surprise!

Insolvency Service Gets Tough

September 16, 2011 by · Comments Off on Insolvency Service Gets Tough
Filed under: Individuals 

The Insolvency Service is getting tougher on sole traders and partners whose businesses fold owing significant amounts of tax. In the year to 31 March 2011, it obtained 443 Bankruptcy Restriction Orders and Undertakings (an increase of 21% on the previous year) and in the majority of cases, HMRC was the predominant creditor. Individuals can be subject to a Restriction Order for a maximum of fifteen years, meaning amongst other things, that they cannot be involved in the management of a limited company for that period.