Credit, Collections & Insolvency News
HMRC has been accused of profiteering from self-employed workers over the rate it charges on late payments. Analysis shows that while taxpayers have been charged 7% on late payments, those who are owed a refund from HMRC receive interest of just 3.5%. Julia Kermode, founder of IWORK, said “HMRC is profiteering from self-employed workers at…
Read more
New research by the Business Debtline has revealed the impact of the cost of living crisis on struggling small business owners, with a majority of callers to the free debt advice survey going without essentials and worrying about meeting their commitments – and a third turning to credit to help cover essential household bills. The…
Read more
Energy suppliers are set to file a record number of winding-up petitions against businesses as companies struggle with soaring energy costs according to new research by Harcus Parker. Court filings show that there have been more than 400 attempts by suppliers to shut down companies to reclaim their energy debts over the past decade. The…
Read more
Businesses are spending over 71 days per year – more than a quarter of the working year chasing late payments, according to the annual European Payment Report from credit management services provider Intrum. The 26th edition of Intrum’s report surveyed more than 10,000 companies across 29 European countries, shedding light on the challenges that businesses…
Read more
A new survey by NerdWallet has found that over half (55%) of businesses still have outstanding invoices from the last tax year (2022/23). Business debt seems to be getting worse with time, as just under half (46%) of SMEs were left with more unpaid invoices at the end of the 2022/23 tax year than the…
Read more
New research ReFarm Fund has found that farmers are struggling with financial viability, taking a personal toll on their physical and mental health. The research showed that 53% were confident about their finances, but 47% said their farm’s finances were average or in a poor state. Some 38% say they have considered getting out of farming…
Read more
A Freedom of Information request to the British Business Bank by Purbeck Personal Guarantee Insurance has revealed the current level of debt and arrears associated with the Bounce Back Loan Scheme (BBLS). The Coronavirus Business Interruption Loan Scheme (CBILS) and the Recovery Loan Scheme (RLS). Purbeck’s analysis shows that over 145,000 BBL loans worth £3.8 billion…
Read more
Latest data from Time Finance has what it calls uncovered the true impact of late payments for SMEs with 75% of UK businesses worrying about cashflow as a direct result of overdue invoices from their customers. In a recent survey into the worsening challenge of late payments, Time Finance found that chasing payments was damaging…
Read more
UK faces a liquidity gap of £570 million according to predictions by Allianz Trade. The research says that the recent banking crisis has drawn into sharp focus other weak spots within the global economy and concentrated minds of businesses leaders to protect themselves against further contagion. But with forecasts predicting that the $30trn global liquidity…
Read more
The UK is set to be one of the world’s worst-performing major economies this year, according to a forecast from the International Monetary Fund (IMF). The report says the UK economy’s performance in 2023 will be the worst among the G7, predicting that the economy will shrink by 0.3% in 2023 and then grow by…
Read more
A new report from accountants at Mazars has found that the top 20 building merchants are increasingly turning to winding up petitions against contractors who fail to pay on time. Builders merchants have applied for winding up petitions against 185 constructors compared with just 44 in the previous year to the end of January 2023,…
Read more
New research published by Bibby Financial Services (BFS) has revealed the extent to which the UK’s small and medium sized enterprises (SMEs) are exposed to substantial debt stress with the average bad debt amongst UK SMEs jumping by 61 percent. The average level of debt has risen from £10,329 in Spring 2022, to £16,641. Currently,…
Read more
Welsh firms had more than 495,000 overdue invoices on their books this winter, new research from insolvency and restructuring trade body R3 has revealed. R3’s analysis of data provided by Creditsafe shows 495,843 invoices were overdue in Wales over the winter months – with 171,798 in December, 162,185 in January and 161,860 in February. Over…
Read more