SJD Accountancy
Join Now
Join now
we're open, call us

0123456789

  • Services
    • Our Services
      • Accountancy Packages
        • Compare Services
        • Essential
        • Essential Pro
        • Premium
        • Elite
      • Sole Trader Packages
      • Company Formation
      • Switching Accountant
      • Tax & Audit Services
        • Self Assessment
        • Questionnaires
      • Insolvency Services
      • IR35 Contract Reviews
      • Special Offers
    • Partner Services
      • Umbrella
      • Business Insurance
      • Contractor Mortgages
      • Wealth Planning
      • Health Insurance
      • IPSE Membership
      • Rewards
  • Contractor Resources
    • Contractor Library
    • Top Guides
      • The Contractor’s Guide
      • Limited or Umbrella. The Ultimate Guide
      • Complete Guide to IR35
    • Contractor Tools
      • Limited Company Name Generator
      • Compare Your Day Rate
      • Gender Pay Gap Tool
    • Contractor Calculators
      • Take home pay
      • IR35 calculator
    • Becoming a Contractor
      • Permanent to Contracting
      • How to contract
      • Contractor earnings
      • Contracting in the UK
      • Umbrella take home pay
      • Limited or umbrella
      • Contracting through an umbrella
      • FAQ’s for new contractors
    • Existing Contractor
      • Expenses
      • Taking money out your company
    • Financial Advice
      • Business banking
      • Contractor and business insurance
      • Contractor pensions
      • Contractor mortgages
      • Off-Shore
    • Understanding Legislation
      • IR35
      • Flat Rate VAT scheme
  • About
    • Company
      • About SJD
      • Contact us
      • Careers
      • Terms of Business
      • Terms & Conditions
      • Privacy Policy
    • News
  • Clients
    • Refer to SJD
    • SJD Online
Search Search

SJD Accountancy > News and Opinion > UK Contractors: Small business insolvencies down on last year

SJD Accountancy > News and Opinion > UK Contractors: Small business insolvencies down on last year

UK Contractors: Small business insolvencies down on last year

Author
Written by:Digital
2 minutes
Published: January 1, 2019 Updated: November 21, 2018
  • Twitter
  • Facebook
  • LinkedIn
  • Email

Small business owners, such as Limited company contractors, will be pleased to hear that the number of business insolvencies has gone down.

Findings from the Insolvency Service revealed that the number of insolvencies in England and Wales were down between April to June. 

According to figures, the number of companies entering creditors’ voluntary liquidation decreased for the fourth consecutive quarter.  In Q2 2014 it was 18.1% lower compared to the same quarter a year earlier, and the lowest since Q1 2008.

Insolvency Service deputy chief executive, Graham Horne, said, “The Insolvency Service supports people and businesses in financial difficulty, while protecting the interests of creditors. 

 

“Today’s figures show that more people have become insolvent than last year. There are a number of ways to manage debts over time, and it is important that people who need help should seek early advice. The Government-backed Money Advice Service has information on available advice. 



“More than half the people entering formal insolvency are now using individual voluntary arrangements (IVAs) to deal with their debts compared with other forms of personal insolvencies. Over the last year, there was a 20 percent increase in IVAs while bankruptcies and debt relief orders decreased. Company liquidations decreased over the last three months, reflecting a similar trend over the last year.”

 

Howard Sears, director of small business investor Astuta, added, “The latest company insolvency statistics are encouraging and reflect an economy that is now on firmer ground. 

 

“A 35% drop in companies entering administration is material and bodes well for the ongoing recovery of the economy. 

 

“Rate rises remain a threat but if the up-cycle is gradual and predictable rather than sharp and staccato, fewer companies may fall through the cracks than originally thought.”

If you’re interested in making the move from permanent to contracting, why not download our FREE 60 page guide to Contracting through your own Limited company.

How do you form your own Limited company? You can form your Limited company online by clicking here – it takes just 5 minutes to complete with your company set up within a few hours. If you have any further questions please contact our new business team on 01442 275789 or email newbusiness@sjdaccountancy.com.

For all other news please visit our Contractor News hub, or why not join us on Facebook and follow us on Google+ for all the latest contractor news, views, debates and competitions. 

Related Articles

Budget 2021: Key Points
Budget
Everything you need to know about the Director’s Income Support Scheme (DISS)
Covid-19
The Six Steps You Need to Take to Become a Contractor in 2021
Contractor Advice
2021 Self Assessment Tax Return Checklist
Contractor Advice
Contracting in 2020
SJD Accountancy
How Contractors Can Market Their Business and Win Work During Lockdown
Covid-19

Back to top

Contact Us

  • 0123456789

Useful Links

  • Terms & Conditions
  • Recruiters
  • Privacy
  • Slavery Statement

New Business Hours

Monday - Thursday8:00 AM — 8:00 PM
Friday8:00 AM — 7:00 PM
Saturday10:00 AM — 4:00 PM
SundayClosed

Copyright SJD Accountancy 2021. All rights reserved. SJD Accountancy Ltd is a company registered in England & Wales. Company Registration Number 06277058.