In order to meet the rising number of enquiries from SMEs, LCBSG has increased its Glasgow-based technical team to eight – six of which are from Scotland’s leading ‘Big Four’ firms - who between them have over 90 years’ experience.
With HMRC appearing to take a more proactive role in recovering Crown debt, the Glasgow office has seen a steady increase in HMRC-led insolvency appointments, whilst LCBSG’s specialist turnaround and business intervention division - Corporate Strategies – which also now operates from Waterloo Street in the city – is processing an increasing number of Time to Pay (TTP) arrangements for those companies feeling pressure from its creditors.
The success rate speaks for itself. Last year alone, 95% of Corporate Strategies’ TTP applications were approved by HMRC - 56 of the 59 TTP proposals submitted - as more businesses sought expertise earlier. This helped reschedule payments of approximately £9million and saved more than 1700 jobs nationally.
Scotland’s increasing number of SMEs is also driving Group growth.
"We are a team of entrepreneurs supporting a nation of them. Scotland has more SMEs than ever before and were delighted to aid their growth."
Up 3.1% or 11,110 last year, the total number of private sector enterprises in the country stands at 365,600, which is the highest figure since the time series began in 2000. These statistics are supported by findings of a recent study that cites Scotland as the best overall location in the UK to set up a new business. In it, Edinburgh takes top spot, with Glasgow at number two and Aberdeen also making the top 10.
Stuart Robb leads the LCBSG Glasgow team and said: “Despite the continuing uncertainty surrounding the Scottish economy, it is encouraging to see the number of business failures falling to an eight-year low and Scotland being heralded as the best place in the UK to set up.
“However we’ve recently experienced a sharp increase in the number of SMEs approaching us to agree TTP arrangements. Again, this is positive to see as early negotiation can often be an effective, viable way to retain control of the financial and commercial situation before it becomes too severe.”
“We’re also experiencing an upturn in the number of new start-up businesses who require our company secretarial and formation services. We’re a team of entrepreneurs supporting a nation of them. Scotland has more SMEs than ever before and we’re delighted to aid their growth.
“It goes without saying that I am really pleased with the response we’ve enjoyed as a business since opening our doors in Scotland. Our office move and team expansion is testament to that and we are very much looking forward to the next twelve months.”
DISCLAIMER: The statements, opinions, views and advice expressed in this article are those of the author/organisation and not of ENTIRELY. This article should represent information correct at the time of publication however whilst every care has been taken to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. ENTIRELY will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within this article or any information accessed through this site. The content of any organisations websites which you link to from ENTIRELY are entirely out of the control of ENTIRELY, and you proceed at your own risk. These links are provided purely for your convenience and do not imply any endorsement of or association with any products, services, content, information or materials offered by or accessible to you at the organisations site.