#write-offs

With a high volume of company write-offs now being reported, over the last 60 days, the UK business landscape has experienced significant financial disruptions, particularly in key industries. These aren’t isolated failures. They represent growing economic stress signals across sectors in which you may work, sell to, or invest in.

If you’ve ever asked:

“Which UK industries are most at risk right now?”

“Which UK industries are showing signs of financial distress?”

“What regions are facing the most business closures?”

“Where are the highest insolvency rates in the UK right now?”

This exclusive insight, powered by DataGardener’s UK business intelligence platform, pinpoints the sectors most impacted, regions most at risk, and the scale of insolvency trends threatening UK commercial stability.

What Are Write-Offs and Why Does It Matter?

In the business context, a write-off typically refers to a company’s failure to meet its financial obligations, often due to insolvency, liquidation, or default. Monitoring industry-level write-offs helps you:

Avoid high-risk partners or clients

Strengthen your risk management strategy.

Identify distressed sectors for investment or acquisition opportunities.

The Top 10 UK Industries by Write-Offs – Last 60 Days

Data Source: DataGardener (covering 5 million+ live UK companies)

“It’s a tax write-off” is total malarkey. People throw out this statement as if “The expense won’t cost them anything.” 

The myth is if someone has a $10,000 cost, loss or donation, this can be deducted from their tax bill. Wrong. The doantion is deducted from income...not the tax!

Say someone has $100,000 in income and will pay 20% in tax. In this case $20,000 in tax. With a $10,000 ‘write-off’ off do they get that $10,000 deducted from the $20,000 tax bill? No! 

They deduct the $10,000 from their income so $90,000 gets taxed and they pay $18,000 in tax. ($90k x 20%).

Yep, that $10,000 out of pocket ‘saved’ them only $2,000. They are still out $8,000!!

Tax deduction is an outright lie. Don't use it to justify buying too much home. Realtors and friends will toss that out there frequently. I’ve even heard CPAs toss it out there as if it’s a benefit to pay that expense.

New Post has been published on http://www.solutionsscotland.co.uk/debt-advice/

Debt Advice

debt advice

If you are struggling to pay your day-to-day bills, or keep up with the loan payments and other financial commitments, there are numerous options for debt advice open to help you clear your debts.

Start by getting free impartial debt advice

You don’t need to pay for debt advice- there are lots of places to get debt advice free and easy. They will help you decide which option is most suitable for you in order to help you manage or clear your debts. The best time to seek debt advice help to get yourself back on track is as soon as you start to struggle, or when you begin to worry that you will have difficulty meeting your payments.

First option on debt advice is a trust deed.

Trust deeds

Debt advice – A trust deed can give you debt advice. Trust deeds are a legally binding arrangement between you and your creditors, where you repay your debts over a 4 year period. During this time you make one monthly payment and at the end of the 4 years any remaining debt is written off. Find out more about trust deeds.

 you can apply for a trust deed if:

You have unsecured debts such as credit cards, loans and overdrafts

You have excess income with which you can pay down your debt, or assets that can be sold to pay down your debt.

Another option to for debt advice is.

Bankruptcy

Debt advice – Bankruptcy (known legally as ‘sequestration’ in Scotland) is a way of dealing with debts that you cannot pay. While you are bankrupt any assets that you have might be used to pay off your debts. After a period of time (usually one year), most of your outstanding debts are written off and you can make a fresh start. You can apply for bankruptcy yourself or a creditor can apply to make you bankrupt. To get debt advice on bankruptcy .

Applying for bankruptcy

You can apply for your own bankruptcy if:

You have debts of over £1,500

You live in Scotland, or have lived in Scotland sometime during the last year

You have not been bankrupt in the last five years

You must also be able to show that:

You are eligible for a ‘low income low asset bankruptcy’ – see below for a definition

You are in ‘apparent insolvency’, which means you cannot pay your debts when they are due (to prove apparent insolvency, a creditor must have gone to court and obtained a ruling that you owe the debt to the creditor), or

You have been given a formal ‘certificate for sequestration’ by an approved person, such as an insolvency practitioner or money adviser, to say that you cannot pay your debts as they become due

Your bankruptcy will usually last for a year, after which you will be discharged.

You can also get debt advice from.

 Debt Arrangement Scheme (DAS).

Visit debt advice in Scotland page for more information on all Scottish debt advice.

DPP benefits

 Any interest or charges that are being applied to your debts will normally be frozen.

 Your creditors can’t contact you or take any further legal action against you.

If your situation changes you can apply to vary your payment or apply for a six month payment break.

DPP risks

10% of your monthly payment is taken as fees to cover the running costs.

Once you’re on a DPP your details will be put onto the DAS register. This is an online register that anyone can access.

A DPP will appear on your credit file for six years and is only available if you live in Scotland.

settlement offers offer good debt advice.

Settlement offers