Credit, Collections & Insolvency News
Businesses in Wales had 84,451 fewer unpaid invoices on their books in July 2023 than July 2022, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that overdue invoice numbers in Wales have fallen from 233,925 in July 2022 to 149,474 in July…
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Four in ten (38%) small and medium-sized businesses (SMEs) are now taking over 90 days to pay their contract staff, according to new research from Sonovate. More than two in five (43%) of SMEs now struggle to pay their contract workers on time as a result of cash flow problems within their businesses. In contrast,…
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Latest research by the Chartered Institute of Procurement & Supply (CIPS) has found that rules designed to force large companies to reveal how long they take to pay suppliers have failed to improve payment practices. The duty to report legislation, introduced in 2017, has found that the average time it takes a large business to…
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The increase in interest rates will make it harder for taxpayers to clear these debts according to latest HMRC analysis. The HMRC says it is seeing more taxpayers getting into debt and the average value of those debts is increasing as the economic situation remains challenging. The majority of tax debt is owed by small…
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New research by UHY Hacker Young has shown that the number of ‘dawn raids’ undertaken by HMRC has increased 36% in the past year, from 458 in 2021/22 to 623 in 2022/23 HMRC ‘dawn raids’ are unannounced searches used to gather evidence for possible prosecution for tax fraud or for furlough fraud (HMRC is responsible…
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The Bank of England has warned that rising interest rates are putting British companies at higher risk of corporate defaults, with the proportion of non-financial companies experiencing debt-servicing stress expected to hit 50% by the end of the year, up from 45% in 2022. The proportion rose to 70% for medium-sized companies, meaning corporate debt…
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Businesses in Scotland had 131,396 fewer unpaid invoices on their books in July 2023 than July 2022, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that overdue invoice numbers in Scotland have fallen from 552,897 in July 2022 to 421,501 in July…
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New data from Begbies Traynor has revealed that there has been an increase in the number of North West firms faceing significant financial distress as inflation and interest rates bite. In Quarter 2 of 2023, the number of firms in the North West operating in ‘significant’ financial distress was 45,579 according to the research. This is…
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A hike in the interest rate charged for late payment of taxes means that customers who fail to pay their taxes on time will face a 7.75% late payment fee, up from the current rate of 7.5%. Quarterly instalment payee will see the change come into effect on 14th August, while for non-quarterly instalment payments,…
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Thousands of companies are running out of time as the burden of rising interest rates, unmanageable debt, subdued consumer confidence, higher material and labour costs, and wider economic uncertainty combine to put considerable pressure on businesses across the country, according to the latest Begbies Traynor Red Flag Alert. The latest data is sourced from a…
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An improvement in jobs and sales growth across UK small businesses in June has been largely offset by increasing late payments and a slowdown in wages growth, according to the latest data from global small business platform Xero. The company Small Business Index, based on anonymised and aggregated data from hundreds of thousands of small…
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A new report has revealed that more than a quarter (26%) of small business owners believe that they will be forced to cease trading if the outlook for their business does not improve – a potentially detrimental blow to the UK economy. The SME Insights Report, published by small business insurance provider Simply Business, also found…
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New research by Aldermore has found that £1.9 billion lost in income small and medium-sized enterprises (SMEs) as a result of supply chain delays. 3.3 million (60% or three in five) small and medium-sized enterprises (SMEs) have experienced supply chain delays in the last year, losing an average of £625,000 in income each as a…
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