Simple Liquidation blog

COVID was a difficult time for businesses all over the UK as the pandemic brought unprecedented restrictions on the public and, therefore, limitations on UK businesses as well. The government was forced to step in to make sure that people were able to keep their businesses up and running whilst the coronavirus and subsequent lockdowns were taking place. This came in the form of a Bounce Back Loan Scheme. The Bounce Back Loan Scheme made it so that businesses were given access to emergency finance throughout the pandemic. Organisations could claim up to £50,000 as part of their Bounce Back Loan, with the only condition being that it has to be used for the economic benefit of the business. Though it might make sense for the bounce back loan to be used for the economic benefit of a business, there are a few problems in that there is no definition, and therefore, the guidelines on what the economic benefit of a business is are broad. As such, there are a lot of organisations who were unsur

Have you decided that it’s time to retire? Is it finally time to hang up your suits, tuck away the computer and focus on having a bit of time to yourself? Retiring can be a great feeling, as you give yourself the freedom to do the things you’re yet to have done and go to the places that you’re yet to have seen. If you work a regular job then retiring is easy as you simply stop working there; however, if you own your own business then taking the right steps towards closing it down can prove to be somewhat tricky. If you currently find yourself in this position then be sure to keep reading as here we will be discussing the best ways to close your limited company whenretiring .   When it comes to closing your company upon retirement, there are a few different options available. If your company is dormant and you do not have any assets in it, shareholders on board or creditors then it is possible you can just dissolve the company going through the necessary channels in Companies House.

When Kwasi Kwarteng revealed the UK’s mini-budget back in October 2022, there was a massive dip in the value of pensions throughout the UK, which led to near enough a full-scale liquidation event. In fact, BT pensions alone had their values plummet a staggering £11billion after the mini-budget was announced. Every year, the company BT publishes a report on its pension scheme. This is one of the largest schemes in the country, as it has almost 270,000 members on it. The publishing of this report, given the size of the scheme, provides valuable insight into just how much of an effect the mini-budget had and how it has impacted funds. Following a large rise in interest rates, pension schemes have found themselves under a severe amount of strain. The bank of England had to intervene five days after the mini-budget was announced. To do this, they promised to buy up to £65billion of government debt in order to further steady the situation. If they didn’t do this, many pensions throughout the

There has been a new social security trustees report published recently that indicates there is a slightly longer time horizon for different program trusts funds. A new depletion date of 2035 has been put forward (a year later than that suggested), but even with this revised date, the whole program is still facing a 75-year deficit. This bump might seem like a small change, but it could be a much bigger deal than at first glance. Alicia Munnell, who works at Boston College as the director of the Centre for Retirement Research, has compared the bump to an ocean liner and believes congress is running out of time to turn it around. If action is not taken, then by the year 2035, the trust funds will be insolvent, and only around 80% of the benefits will be payable. Alicia Munnell commented on this, saying, “we’re getting into that area where immediate action will be required.” It’s worth first discussing what social security trust funds are. They are financial accounts within the US Treasu