Sole traders could find themselves having to seek debt advice as they begin to drown in a sea of red tape. Last year, over 45000 (47641) took out an Individual Voluntary Arrangement (IVA) to help alleviate their debt problems. This is the highest number since IVAs were first introduced in 1987, yet it could rise even higher, following new findings from Barclays. The bank reveals that on average sole traders spend an extra 16 hours per week just on paperwork. 10 per cent of those questioned spend more time on this than on expanding their business. This can see them lose ground on bigger competitors, who may have more fluid admin systems in place. As a result, they could find themselves under greater pressure to close the gap by investing financially, but this runs the risk of requiring debt help in the future.
Admin work could cause future debt worries
April 7, 2010 By
