Firm closing

[Freggyragh]

I doubt it's bureaucracy and taxes. Bookkeeping & payroll are easier and cheaper than ever with modern software, and there's only personal income tax to calculate for small & medium sized businesses. Rates & service charges could, probably should, be looked at, but it doesn't take a genius to see that unrealistic rents and terms, sky-high utility charges and the miserable post-brexit labour market, business sentiment and import / export situation are the main factors. 

[woolley]

2 hours ago, Freggyragh said:

I doubt it's bureaucracy and taxes. Bookkeeping & payroll are easier and cheaper than ever with modern software, and there's only personal income tax to calculate for small & medium sized businesses. Rates & service charges could, probably should, be looked at, but it doesn't take a genius to see that unrealistic rents and terms, sky-high utility charges and the miserable post-brexit labour market, business sentiment and import / export situation are the main factors. 

And National Insurance, and VAT, and corporate tax returns that additionally require a set of accounts annually, and beneficial ownership registry compliance, and data protection registry/GDPR compliance, and company annual return filing, but yes, charges, rents, utilities, business sentiment knocked for six by Covid and inflation are all factors.

[2112]

3 hours ago, Non-Believer said:

Now David Ashford claims that DfE should be monitoring the failures of businesses and collating the reasons behind such failures. Can't see that being jumped at by the DfE, their raison d'étre is self promotion and trumpeting success stories, they'll not want to be involved with looking into failures and the wheres and whys, especially if things start pointing towards management of the economy, ie Govt itself? (Source 3FM News)

 

You are right, but I would also say, that IOMG and its Departments when asked for statistics, are very good at turning around in their answers, that they don’t keep statistics or any information. I really don’t know what they actually do? Mind you, IOMG do like registers, especially when it’s legally enforceable, involves lots of bureaucracy and brings in income to IOMG. 

[Fred the shred]

It sounds like half of an idea but would probably involve more staff employed including a manager, team leader etc.   when any man in the street will tell you it is high overheads by business owners and less disposable income from punters.   The people already in DFE are obviously too busy to take on this work as they are gainfully employed thinking up half cock schemes .    This Department needs looking at and deciding if it is fit for purpose that would be a good starting point.

[Passing Time]

16 minutes ago, Fred the shred said:

It sounds like half of an idea but would probably involve more staff employed including a manager, team leader etc.   when any man in the street will tell you it is high overheads by business owners and less disposable income from punters.   The people already in DFE are obviously too busy to take on this work as they are gainfully employed thinking up half cock schemes .    This Department needs looking at and deciding if it is fit for purpose that would be a good starting point.

The people in DfE are only interested in job promotions for themselves.The could care less about small businesses 

[Fred the shred]

Now the water rates are going up by over 5% next year no doubt the rates will = even less disposable income and people wonder why businesses are closing down.  When something that has got to be paid like rates go up I think what can I cut back on and it will be the odd meals I go out to with friends etc. something has to give 🥲

[Happier diner]

13 minutes ago, Fred the shred said:

Now the water rates are going up by over 5% next year no doubt the rates will = even less disposable income and people wonder why businesses are closing down.  When something that has got to be paid like rates go up I think what can I cut back on and it will be the odd meals I go out to with friends etc. something has to give 🥲

Why would you expect the water rates to stay the same when everything else has gone up. It makes no sense. Our water is good value. 

[Banker]

49 minutes ago, Fred the shred said:

Now the water rates are going up by over 5% next year no doubt the rates will = even less disposable income and people wonder why businesses are closing down.  When something that has got to be paid like rates go up I think what can I cut back on and it will be the odd meals I go out to with friends etc. something has to give 🥲

Going up by inflation which is less than all public servants pay rise’s this year

[Fred the shred]

Unfortunately a lot of the population are not enjoying public servants pay rises.  This thread however is discussing why businesses are closing and these rises certainly affect people’s spending habits.

[Happier diner]

1 hour ago, Fred the shred said:

Unfortunately a lot of the population are not enjoying public servants pay rises.  This thread however is discussing why businesses are closing and these rises certainly affect people’s spending habits.

That's understandable. How do you stop these rises though? Magic up some money from somewhere?

[thommo2010]

May well have been discussed but I walked past Rios today and there's a sign saying closed for refurbishment. Seems to have been closed a while, anyone know what the script is? 

Also noticed the Thai place in town opposite m and s has closed permanently 

[WTF]

2 hours ago, Happier diner said:

Why would you expect the water rates to stay the same when everything else has gone up. It makes no sense. Our water is good value. 

the price of rain hasn't gone up at all..................

[CrazyDave]

2 minutes ago, thommo2010 said:

May well have been discussed but I walked past Rios today and there's a sign saying closed for refurbishment. Seems to have been closed a while, anyone know what the script is? 

Also noticed the Thai place in town opposite m and s has closed permanently 

 

[WTF]

2 minutes ago, thommo2010 said:

 

Also noticed the Thai place in town opposite m and s has closed permanently 

moved to 7 kingdoms 

[Meoir Shee]

20 hours ago, Banker said:

Going up by inflation which is less than all public servants pay rise’s this year

“Most public sector bodies have seen a pay increase of 6% in the financial year of 2022 to 2023.

The average inflation rate in the period was 8.4%.”

IoM Today, 11/10/2023