News and insights
Recession looms for UK businesses
  • 12
  • Sep
Amid escalating interest rates, nearly 30,000 UK firms ‘could fail in 2024’

For a while now, there have been persistent suggestions that the UK could be on the verge of entering a recession – and according to at least one authoritative source, that moment may finally come late this year and into 2024.  The economic consultancy, the Centre for Economics and Business Research (Cebr), has said that…

UK business expect growth in 2023.
  • 8
  • Sep
Business confidence in the South West reaches highest levels seen yet during 2023

Following an extended period of time in which the outlook did not seem greatly positive for very many businesses in the UK, our experts at TS Partners were cheered to read that according to one new business barometer reading, business confidence has actually been firmly on the up in August.  And those firms making use…

Business Anxiety
  • 6
  • Sep
Unexpected slump for the UK’s services sector adds to anxieties about the economy

Talk of recession risk for the UK is becoming a very well-worn theme at this point, but it is also sadly true that many an accountant in Newton Abbot – and their clients – must bear such a risk in mind.  This was underlined by a closely watched survey of the country’s business output revealing…

Women's football to boost UK economy
  • 17
  • Aug
UK set for a £185 million economic boost as the Lionesses contest the World Cup final

As things stood at the time of this article being written, the destination of the Women’s World Cup trophy was yet to be decided; nonetheless, the England team has already captured the imaginations of the nation with its run to the final. That concluding match of the tournament will take place on Sunday, 20th August,…

Confidence grows among South West England firms
  • 4
  • Aug
South West England bucks UK trend with resurgent business confidence

Firms around the South West of England – including many taking advantage of TS Partners’ expertise in accounting in Newton Abbot – seem to be remaining confident as the summer of 2023 wears on, even if there are plenty of other businesses across the UK that are not so upbeat.  This was what emerged from…

Recession looms for UK businesses
  • 28
  • Jul
Recession fears re-emerge as UK economy “close to stalling” in July

Recent months, it is fair to say, have been ones of ups and downs for many UK business owners, who have been anxious to see reasons for optimism. The UK did at least avoid what had once been a widely anticipated recession in late 2022; however, worries have since been reignited that this could come…

UK Firms plan to invest in AI.
  • 21
  • Jul
Plans to invest in AI help to keep UK businesses confident

It has been clear for all to see in recent times that firms across the UK have been buffeted by a range of adverse factors, not least inflation and climbing interest rates. However, at least one recent business outlook survey has found that many of the country’s businesses continue to be optimistic.  Indeed, the digital…

High UK business distress levels.
  • 17
  • Jul
Distress levels among UK and European small firms at their highest since mid-2020

There sadly isn’t a lack of indicators of the exceedingly challenging situation for many small businesses in the UK – and beyond – at the moment. Sure enough, another one has emerged, with it being reported that small and medium-sized enterprises (SMEs) are experiencing corporate distress at levels not seen since the middle of 2020. …

business leaders lose confidence in UK economy
  • 12
  • Jul
Surge in UK business optimism “came to a shuddering halt in June”

According to at least one source, it would seem that confidence in the UK economy among the country’s business leaders has declined markedly recently, erasing the progress that had been made in this regard since the beginning of 2023.  The source in question is the Institute of Directors (IoD), which maintains a Directors’ Economic Confidence…

Companies rising prices, not cutting them.
  • 10
  • Jul
UK services-sector businesses are still mostly raising prices, rather than cutting them

In news that will not be cheering for the Bank of England (BoE) as it continues to struggle to drive down inflation, it has emerged that a far greater number of companies in the UK services sector are putting their prices up than are reducing them.  With the BoE’s base rate sitting at 5% at…

Unpaid tax at lowest ever.
  • 2
  • Jul
Unpaid tax in the UK still at an all-time low of 4.8%, says HMRC 

Amid continuing concerns about inflation and the economy, it seems that the UK Government has at least some reason for cheer: the “tax gap” for the year 2021 to 2022 has remained at its lowest ever level, holding at the same 4.8% figure as last year.  What is the tax gap?  In simple terms, the…

MTD is late and overbudget.
  • 30
  • Jun
HMRC’s digital tax transformation drive ‘to cost six times more than planned’

It isn’t just businesses up and down the South West of England and beyond – including many that have reached out to TS Partners about our digital accountancy in Plymouth, Wellington, or Newton Abbot – that have been looking to modernise their approaches to tax in recent years.  That’s because, since HM Revenue & Customs…