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Retailers are set to be hit hard in 2011 as a result of the increase in the standard rate of VAT from 17.5% to 20% as the government looks to boost tax revenues to cut the UK’s debt levels. The rise which came into force on 4th January 2011, will affect any VAT registered firm that buys or sells goods or services that are subject to the standard rate of VAT. The majority of food products, children’s clothing, newspapers and magazines will continue to be zero rated. Research by the Centre for Retail Research and online shopping group Kelkoo has suggested that retail sales will fall by about £2.2bn in the first three months of the year as a result of the rise. Shoppers are unlikely to feel the effects immediately as retailers are likely to absorb the costs as part of the January sales. Phil Smith, Partner Moorfields “Retailers have had a tough time in 2010, especially towards the end of the year, when an expected increase in sales prior to the VAT increase was anticipated only to be over shadowed by the severe weather. The first three months of 2011 does not look to show a more positive outlook, the combination of the VAT rise, coupled with the public sector cuts means retailers are fearing the worse.” If you feel your business could suffer as a result of the VAT increase and would like some independent advice please contact Moorfields Corporate Recovery LLP on 0208 528 1575. Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals.

Thousands of small and medium-sized businesses in the UK could find themselves targets of the HM Revenue and Customs in the second half of this year. The HMRC’s “Business Records Check” campaign announced over the Christmas period, will target 40 per cent of the UK’s 4.9 million businesses which the HMRC said are likely to have unpaid tax. HMRC has said it will use its existing powers to tackle 50,000 of the worst cases each year from the second half of 2011. Penalties could be anything up to £3000 “for significant record keeping failures”. The Revenue have said there are “customer benefits” from better record keeping including “improved chances of business success”, “improved financial management” and a “reduced likihood of a subsequent compliance intervention, such as a full enquiry into their returns”. For many small businesses already struggling against the recession the announcement is likely to add more stress and administrative costs that they feel are unnecessary. If you feel your firm could suffer as a result of the HMRC fines and would like some independent advice please contact Moorfields Corporate Recovery LLP on 0208 528 1575. Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals.

Moorfields Corporate Recovery LLP are delighted to have been shortlisted for the “Medium Sized Corporate Recovery Firm of the Year” award in the prestigious Credit Today Insolvency and Rescue awards. Now in their 3rd year, the Insolvency and Rescue awards are recognised as a mark of distinction amongst professionals, celebrating best practise and professional excellence in a well deserving and challenging sector. The award recognises the firm’s significant growth, depth of experience and focus on client satisfaction. Phil Smith, Partner “We are proud to have been shortlisted for the Corporate Recovery Firm of the Year award. It represents recognition by our peers and professionals of our specialist expertise and proven success in our field.” Simon Thomas, Partner “We pride ourselves on delivering service of the highest standard, I am delighted that this award has recognised the hard work and dedication of all our staff.” Moorfields hope to go on to claim victory at the awards ceremony on the 21st October. Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals.

Moorfields Corporate Recovery is expanding its service offering to clients with the launch of a new corporate finance business. Moorfields Corporate Finance LLP will provide a broad range of services to key stakeholders, partners, management teams and secured lenders. The service will offer consultancy support to UK businesses seeking to maximise value from the sale of their business, from successful acquisitive growth or from reducing risk prior to an investment. Driving the firm forward is Mark Flatman who will head the firm along with partners Phil Smith and Simon Thomas. Mark has advised more than 90 businesses over the last 10 years on corporate finance acquisitions and exit strategies. His international blue chip experience has involved working in Johannesburg and California and as the former CEO of a UK listed plc. Phil Smith, Partner ‘The launch of Moorfields Corporate Finance represents another achievement in the development of the Moorfields brand. It recognises our commitment to remain innovative and responsive to the markets needs. Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals’.

"Simon Thomas and Fred Satow of Moorfields Corporate Recovery LLP were appointed Joint Administrators of In “n” Out Services Limited (“INO”) on 12 August 2010. In “n” Out Properties Limited, a wholly owned subsidiary of INO was also placed into Administration. Incorporated in October 2004, INO is a provider of car maintenance and MOT testing services for the UK market. The Company has had cashflow difficulties as a result of its failure to raise further funding. The directors resolved that Administrators be appointed to protect the assets of the Company while it’s business is advertised for sale on the open market. Trading The Joint Administrators continue to trade INO with the view to selling its business and assets as a going concern. Operations remain open for trade in Cardiff, Bristol, Northampton (Kettering Road), Northampton (Towcester Road), Kettering, Milton Keynes, Chesterfield, Doncaster, Nottingham, Wednesbury, Stockton, and Stevenage. Unfortunately, upon appointment the Joint Administrators were forced to close trading sites located at Derby and Scunthorpe with immediate effect. A number of redundancies were made, providing necessary cost savings to support continued trade. Around 100 employees remain spread across the regional trading sites and at the head office in Silverstone. Customers All customers who wish to attend the site within their local area are invited to do so. For the sites that remain in operation it will be business as usual until further notice and a full range of INO’s service offering will be available. Interested Parties All parties interested in making an offer for the business and assets of INO are asked to contact Ben Kay on 0208 528 1713 or bkay@moorfieldscr.com. Creditors All creditors of INO who would like information on the details of the Administration or who wish to submit a proof of debt are asked to contact the Joint Administrators office on 0208 528 1090 Suppliers/Reservation of Title All suppliers of INO who would like information on the details of the Administration and those who may wish to exercise a reservation of title over stock/inventory are asked to contact Jon Ausena of the Joint Administrators office on 0208 528 1090. Simon Thomas said "" In “n” Out Services Limited is an award winning provider of car maintenance and MOT testing services with modern and well integrated workshops based around the UK. We have already received a number of expressions of interest from likely buyers and are hopeful of achieving a swift going concern sale. Please could interested parties contact us as soon as possible. Whilst we have regrettably had to make a number of redundancies on our appointment, we are hopeful of achieving a going concern sale and preserving the remaining jobs. It is possible that any purchaser of the business may wish to re-employ staff we have had to release in the short-term"" Should you wish to speak with Simon Thomas or Fred Satow please call 0208 528 1090. Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals."