Updates

The Insolvency Service’s Redundancy Payments Service (RPS) has been a crucial lifeline for employees impacted by company failures. In the fiscal year 2023-2024, the RPS processed 85,592 claims, disbursing £494 million from National Insurance contributions to individuals facing financial hardship due to insolvency. The RPS ensures rapid processing of claims, averaging 10 days, and covers unpaid wages, holiday pay, and statutory notice pay. Remarkable cases include £53.7 million paid within 24 hours to nearly 10,000 former employees of Wilko. The service also issued protective awards to employees not consulted before redundancy, totalling over £3.5 million to former staff of Debenhams [...]

The announcement of potential tax rises from the new UK Labour Government, less than a month after taking office, has stirred a mix of concerns and expectations among financial professionals. While not entirely surprising, this development is set to impact various sectors significantly. A New Chancellor's Dilemma Chancellor Rachel Reeves addressed the House of Commons, revealing a staggering £22 billion "black hole" in the public finances, attributed to unfunded pledges by the previous government. Reeves highlighted the gravity of the fiscal situation, stressing the need for immediate action to stabilise the economy. She committed to presenting full fiscal plans and [...]

As widely predicted, the  Labour Party has won the UK General Election after a notably short campaign period. The victory, while exhilarating for Labour supporters, raises several questions about the feasibility of the ambitious promises made during the campaign. Will the new government be able to deliver on its commitments, or were these pledges merely election hot air? A Campaign of Bold Promises The Labour Party's campaign was marked by a series of bold promises aimed at addressing long-standing issues within the UK. These included significant investments in the NHS, substantial increases in funding for education, ambitious climate action plans, [...]

As we navigate through the challenges of insolvency, it's essential to consider not only our financial health but also our environmental impact. Sustainable practices in the office can lead to significant cost savings while promoting a greener planet. Here are five top tips for creating a more sustainable office: 1.Embrace Digital Transformation Go Paperless: Reducing paper usage is one of the most effective ways to save money and be environmentally friendly. Implement digital documentation and communication systems to minimise the need for printing. Use cloud storage, digital signatures, and online collaboration tools to streamline workflows. Automate Processes:  Invest in software [...]