Credit, Collections & Insolvency News
HMRC has announced a one-year delay to the implementation of the Value Added Tax (VAT) reverse charge until 1 October 2020 after “industry representative raised concerns” about the move. In June, the government published guidance about the so-called reverse charge on the way VAT is collected in the building and construction industry. The changes were…
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Almost a third of SMEs (31%) have experienced late payments costing their business at least £10,000 in the last 12 months, according to research by Hitachi Capital. The report says the impact of late payments on the long-term health of the UK economy is estimated to have cost UK SMEs at least £51.5 billion in…
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The Chief Executive of the Chartered Institute of Credit Management Philip King has given a cautious welcome to the Government’s call for evidence in tackling late payment but warned against actions that may ‘throw the baby out with the bathwater.’ King says that while the possibility of increased powers for the Small Business Commissioner (SBC)…
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In August, the following administration notices have been issued and advertised in the London Gazette for the following companies: 60 FAITHS APARTMENTS LLP 8 OUTDOOR MEDIA LTD A1 HIRE (PERTH) LTD ABELIA CARE SERVICES LTD ACCORDIANT LTD ADAM MICHAEL SCAFFOLDING SERVICES LTD ANDY THORNTON CONTRACTS LTD ASBESTOS CLEARANCE AND DISPOSAL SERVICES LTD ASPRAY TRANSPORT LTD…
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Overall business confidence fell in August, for the first time in three months, by 12 points to 1%, according to the latest findings from Lloyds Bank Commercial Banking Business Barometer. Overall business confidence is calculated by averaging the views of 1,200 companies on their business prospects and optimism about the UK economy. This month’s business…
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The Chartered Institute of Credit Management (CICM) new rules for the Prompt Payment Code (PPC) have now come into effect. The new rules mean that companies could be blocked from bidding for government contracts worth over £5m if they fail to pay 95% of their invoices within 60 days. Reacting to the start of the…
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New research from Lloyds Bank Commercial Banking has revealed that a third of UK businesses who were paid late in the last year did not chase outstanding payments. Fear of damaging valuable customer relationships was the biggest rationale by some margin, cited by two thirds, 62 per cent, of businesses. This was followed by capacity…
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Corporate insolvencies are on the rise globally due to the more challenging economic environment and high policy uncertainty according to a new report by Atradius. The report says business failures in developed markets are forecast to increase 2.8% in 2019 – the first annual increase in a decade – followed by another 1.2% increase in 2020.…
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Bupa Insurance Services poor payment practices have been exposed in a new report by The Office of the Small Business Commissioner. The reports names Bupa for failing to pay adequate compensation to a small business in a case of late payment of invoices, following an investigation into a complaint. The small business commissioner found that…
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Wilkin Chapman Solicitors has completed the take-over of Silke and Co, a Doncaster-based business solutions company. In acquiring Silke & Co., Wilkin Chapman solicitors will be expanding its work in the area of recoveries – a team headed up by Partner Chris Grocock. The new Doncaster branch will be known as Wilkin Chapman Business Solutions…
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A new report by Credit Benchmark has highlighted the pressure of Brexit on Restaurant and Bar businesses. The report says that the UK industry has been suffering under the ‘Brexit Effect’ for some time now, with a downturn observed across both large and smaller businesses around the country. One of the hardest hit industries has…
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Dun & Bradstreet and the Chartered Institute of Credit Management (CICM) have announced the findings of a multi-national study on how respondent finance and credit leaders are adopting automation in their departments and the challenges they face in implementing automation. The informal study found that while 87% of respondents believe automation will improve their respective function’s…
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In July, the following administration notices have been issued and advertised in the London Gazette for the following companies: 39-45 GRANSDEN AVENUE LTD ALBION BLADES LTD AMG CHATHAM LTD ASPIN GROUP LTD ATLANTIC CARBON GROUP PLC BATHSTORE.COM LTD BAYLIS AUTOMOTIVE (SMETHWICK) LTD BILLY FOUNDER LTD BOURTON SPA LTD BROADREACH HOUSE BUXTON POWER LTD C.G.P.M. LTD…
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