H M Revenue & Customs has confirmed that from 1 April 2010 it will start naming and shaming serial tax evaders. From that date, individuals and companies which have deliberately evaded tax of more than 25,000 will have their name, address and details of their evasion published on the HMRC website. The measure was announced in Budget 2009 but the timing has only just been announced. Andrew Hubbard, Tax Policy Direct…

Chris Farrington, Dominic Wong and David Langton of Deloitte, the business advisory firm, were appointed as Joint Administrators to Wordsworth Holdings plc and its subsidiary companies, Fruehauf Limited, Huffey Group Limited, Stanhay Webb Limited, WH Rentals Limited and Euro Force (UK) Limited on 11 March 2010. The principal activities of the Group include: * Fruehauf a market leading manufacturer of tipping tra…

Figures released today by R3, the insolvency trade body, indicate that almost a third (31%) of personal insolvencies that occur in March have been triggered by overspending during the festive season. R3 members predict that there will be over 150,000 personal insolvencies in the UK in 2010. These figures come as no surprise to R3 President, Peter Sargent, who commented: Unfortunately, many people who we…

The Resolution Foundation welcomes the national roll out of the Money Made Clear. The Foundation has been championing the advice gap that low earners face and is delighted that a financial advice service geared towards vulnerable consumers is being realised. Now, more than ever, low earners are in need of help before they miss their first payment. The Foundation has always advocated that Money Made Clear was run by an indepen…

Independent research commissioned by Callcredit Information Group has today revealed that young people aged 18 24 appear to be maximising available credit by taking out multiple current accounts with available overdraft facilities across multiple providers. Almost one in ten (9%) adults aged 18 24 years admits running three or more current accounts with overdraft facilities and 27% of 18 24 year olds who have more than one…

On 08 March 2010, Exeter County Court made a ten year Bankruptcy Restrictions Order against Mr Kevin John Moseley after he obtained deposits from a customer both before and after his bankruptcy to their unreasonable risk and failed to keep any accounting records of his business as a builder. Under the terms of the Bankruptcy Restrictions Order Mr Moseley is restricted from acting as a company director without the permis…

EU rules that may exempt small firms from filing annual accounts have been condemned as utterly absurd Philip King Chief Exectutive Officer of the UK Institute of Credit Management. At a time when the supply of credit is needed more than ever, and yet harder than ever to get, the suggestion that exempting small companies from filing accounts will help businesses grow is perverse, says Mr King. "It will have …

From 1 April 2010, businesses seeking extra time to pay a tax debt of over 1million will, in most cases, need to get an independent review in support of their request. The review must be carried out by an independent third party, so the tax authorities are unlikely to accept reviews from a firms existing advisers. This new ruling will affect many organisations struggling to meet their tax bills given that, as at Februar…

Chancellor of the Exchequer, Alistair Darling is today launching a new free money advice service to be rolled out around the country. The Moneymadeclear service includes a helpline, website and face-to-face advice services, delivered through a range of partners such as Citizens Advice Bureaux and Age Concern. The cost of the service will be funded by a levy on the financial sector and funds recovered from dormant bank a…

The rate of business insolvencie for the automotive industry in January 2010 was 44.15 per cent lower than January 2009, and also half (48 per cent) the rate experienced in December 2009, according to the latest Insolvency & Late Payment indices from Experian®, the global information services company. 0.08 per cent of automotive businesses became insolvent in January 2010, compared to 0.14 per cent in January 2009 a…