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The number of retailers in the United Kingdom who are at ‘high risk’ of insolvency has increased, according to a report compiled by RSM Tenon, a professional services firm.

The number at risk has increased by four percent during March 2011, two percent above the number for 2010. Following a positive year, the number of businesses now at risk of insolvency has increased two consecutive months, which is bad news for the retail sector.

Sales have also taken a tumble according to the British Retail Consortium, with a 1.96 percent fall in March 2011, compared to sales figures for March 2010. The number of retailers facing insolvency remained static or fell for much of 2010, only to show an increase for February and March this year, indicating the possibility of retail insolvencies.

As retailers are faced with an upsurge in fuel and other costs, shoppers are cutting back on spending as they try to cope with the rising cost of living and higher taxation. As retailers struggle to cope, this is possibly an indication for the wider economy, with businesses facing hard times.

Outsourcing to a small business accountancy will keep you ahead of financial difficulties, putting a contingency plan in place and avoiding the possibility of insolvency. A financial strategy for your business which is based on real time figures will help you survive the struggling economy. A low cost accountant will plan ahead for legislative changes to avoid falling foul of HM Revenue & Customs. Accurate business records, planning and filing documents in a timely manner, are all essential in order to stay solvent.

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