Whilst large businesses always grab the headlines, the fact is it is small companies that have always been the UK’s economic backbone.
According to the latest Federation of Small Business figures, small enterprises account for 99.3% of all private sector businesses, with total employment within small to medium sized enterprises at 16.1 million, or 60% of the UK workforce.
“Take care of your employees and they’ll take care of your business.”
Richard Branson’s popular quote on employee engagement and well-being is a mantra I believe many directors echo. But what happens when you can no longer take care of your employees because your company is insolvent?
We have a staging of MTD for VAT taking place in April 2019. This applies only to VAT registered traders with a turnover in excess of the compulsory registration liming of £85,000. The staging for unincorporated traders and landlords is likely to be next, but the government have assured us that this will not take place before 2020.
Most, if not all, company directors and shareholders will have to make tough decisions throughout the lifespan of a company. However, we recognise that the toughest one of all can be deciding how to exit a company when plans to rescue or restructure have failed.
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