It is clear that multinational companies, many of which are reaping the benefits of “tax jurisdiction shopping”, have an unfair advantage over domestic SMEs in terms of reducing their business outlay and therefore the cost of delivering their products or services.

The news that the EU will now look for these multinationals to disclose the locations in which they pay tax and the amount paid is laudable, but will SMEs actually benefit? How will any additional tax revenue be applied, if indeed such funds are acquired?

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Why and what is likely to be the impact? 

What is happening?

The statutory paper returns on the conduct of directors are being removed in favour of a single digital return which is required within a shorter timescale of three months from the date of insolvency rather than the current limit of six months. It was interesting to discover during the course of my research that the Insolvency Service reports that only 68% of the reports are submitted within the current time limit.

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Following every bad debt or loss due to insolvency: directors, suppliers, customers and employees almost always ask themselves: Could we have seen it coming?  Could we have predicted the company was in trouble? What were the distress signs that we missed? 

Well, here are the top six signs of company distress I look out for... there are no real surprises.

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PCR’s summary of the key points of George Osbourne’s 2016 budget affecting businesses and sole traders.

Some welcome tax cuts and freezes here for many, as well as good news for small businesses, 600,000 of which will now pay no business rates. As expected, the changes to CGT and Entrepreneurs’ Relief will have consequences for many.

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You will no doubt have heard that changes to the way dividends are taxed are being introduced in April 2016 and will apply new “Dividend Rates” of income tax to distributions made to shareholders.

However, you might not be aware that in December the Government also launched a consultation aiming to bring in supporting legislation to prevent shareholders getting around the new rules by utilising current exemptions that treat distributions as capital when a company is wound up. Currently, in a solvent liquidation (“MVL”), any retained profits are treated as capital for distribution purposes and may qualify for Entrepreneur’s Relief at a rate of 10% if the circumstances fit the criteria to do so.

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