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The number of firms in financial distress fell in the second quarter of this year compared to the first, according to insolvency specialist Begbies Traynor. The 85,000 construction in financial trouble in the second quarter of this year was down on the near 96,000 facing problems in the first first three months of the year. However, it was still significantly higher than the 67,000 in financial distress at the same time last year. The data has come from the firm’s Red Flag Report, which examines CCJs and company accounts to calculate the number of businesses in trouble. Last year saw a steady increase in the numbers, which peaked in the first quarter of this year. ....
Revealed: the 16 firms that went into administration in March constructionnews.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from constructionnews.co.uk Daily Mail and Mail on Sunday newspapers.
From today, contractors will have to take on self-employed people they use consistently as PAYE staff. Those that are unprepared will face trouble with HMRC, a tax expert has warned. The IR35 change was announced in 2018 and large contractors are understood to have done extensive preparation for the new rules, according to Brendan Sharkey, partner at accountancy MHA MacIntyre Hudson. Some smaller firms are yet to get to grips with the new rules though, he warned. “It’s only when they’ve read about it in the press, got their heads around it, and thought, ‘you know, I think we’re sitting on a problem’,” he said. ....
By Monidipa Fouzder2021-03-03T11:14:00+00:00 Rishi Sunak today announced that the stamp duty land tax holiday will be extended by another three months as part of measures to turn generation rent into generation buy . Delivering his Budget statement in the commons this lunchtime, the chancellor of the exchequer said the stamp duty holiday will now end on 30 June instead of 31 March. To smooth the transition back to normal , the nil rate band will be £250,000 - double its standard level - until the end of September. The government will return to the usual level of £125,000 from 1 October. Even with the stamp duty cut, Sunak said the cost of a deposit remained a significant barrier to people getting on the housing ladder. ....