Bankruptcies expected to soar close to 33,000 this year

Bankruptcies expected to soar close to 33,000 this year

Official figures show personal bankruptcies forced by HMRC are expected to reach 33,000 this year

Official figures obtained by the Tories show the number of personal
bankruptcies triggered by HM Revenue and Customs (HMRC) is expected to reach
close to 33,000 this year – up 62% on the previous year and up 171% on 2006-07,
before the economic turmoil.

‘At the very time that hard-pressed Britons need the most help, the
Government is actually driving them under, hastening the rapid increase in
bankruptcies,’ Justine Greening, shadow Treasury minister, said yesterday.
‘Ministers should be doing all they can to help people stay afloat during this
difficult time.’

HMRC has also been responsible for pushing an estimated 5362 companies into
administration this year – up 132% on 2006-07, The Daily Telegraph
reports.

Business leaders are said to be growing increasingly frustrated with the
Government’s lack of assistance during as the recession starts to bite and would
like to ministers to intervene by underwriting bank lending.

Further reading:

Read
The Daily Telegraph story

Whitepaper

The Future of Finance is in the CFO's Hands

Business The Future of Finance is in the CFO's Hands

1m
Save a Week a Month Consolidating Accounts

Accounting Software Save a Week a Month Consolidating Accounts

2m
Mitigating Risk Through Internal Control

Legal Mitigating Risk Through Internal Control

3m
Could tax season have run more efficiently?

Corporate Tax Could tax season have run more efficiently?

3m

Related Articles

Paul Morton, Tax Director, Office of Tax Simplification

Administration Paul Morton, Tax Director, Office of Tax Simplification

1y Emma Smith, Managing Editor
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

1y Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

1y Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

1y Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2y Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

2y Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

2y Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

3y Fraser Simpson, Reporter