Andy Burnham has not ruled out any tax rises in the Autumn budget as the state of the public finances are said to be challenging. He has said that he would adopt a careful approach to tax rises, but what that means will only come out at the budget.

With higher-than-expected government borrowing and increasing inflation does he cut spending or increase taxes, that is the dilemma.

In these uncertain times are you thinking about selling up and taking hard earned profits out of your company. The current business asset disposal relief (BADR) is 18% which has increased from 10% over the last couple of years. Whilst there are no indications that this relief will be touched in the Autumn budget can you take the chance?

If you are considering a member’s voluntary liquidation (MVL) and you would like to discuss how this works, our expertise in this field will provide valuable information and advice so please contact PBC Business Recovery & Insolvency on 01604 212150 (Northampton), 01908 033150 (Milton Keynes), 01234 989150 (Bedford) or email to enquiries@pbcbusinessrecovery.co.uk. Alternatively, visit www.pbcbusinessrecovery.co.uk for further information.

#tax #mvl #northampton #membersvoluntaryliquidation

Can you believe it has been six years since we were walking around wearing masks and queuing to join the one-way system through food shops.  The “COVID-19 generation” will recall many differing experiences and the change in lifestyle brought on with lockdown.

As part of supporting businesses, the then Chancellor, Rishi Sunak introduced the bounce back loan.  This was “Sold” as a quick and easy loan, based upon a maximum 25% turnover or £50,000 (whichever came first) and some £47 billion was loaned by financial institutions, supported by a Government guarantee.

Perhaps its biggest failing was the lack of safeguards with the application, itself and this has resulted in the Government Insolvency Service (“IS”) taking action where directors abused the process.  In 2024/25 IS reported 688 people were disqualified from being directors for periods that averaged 9 years.  In some of the worst examples, custodial sentences have been handed down.

The IS has also sought confiscation orders and compensation where proven wrongdoings have occurred.  Recently, they reported confiscations amounting to £988,099 and recoveries of some £581,525.  In addition, the IS have secured orders and undertakings to repay almost £12.7 million with recoveries (actual and ongoing) amounting to some £8.2 million of that amount.

In the grand scheme of things, the actions taken by IS are merely scratching the surface and include some of the worst cases that have arisen.  At PBC we have seen many companies where there remains an unpaid balance due under the bounce back loan and we remind directors that provided the original application was appropriate (ie it followed the eligibility requirements) and the funds were used for genuine business purposes then it is highly unlikely you will be facing action by the IS.

If you are concerned about an outstanding bounce back loan or need wider business or personal financial advice, then please contact PBC Business Recovery & Insolvency on 01604 212150 (Northampton), 01908 033150 (Milton Keynes), 01234 989150 (Bedford) or email to enquiries@pbcbusinessrecovery.co.uk. Alternatively, visit www.pbcbusinessrecovery.co.uk for further information.