Large businesses owe £2.7bn in unpaid VAT

New analysis by Thomson Reuters has found that over 200 of the UK’s biggest companies have underpaid VAT by an average of £13.4 million each, leaving HMRC £2.7 billion short. Thomson Reuters says that the £13.4 million figure relates to tax under consideration, which is an estimate of the amount of VAT HMRC believes has…

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Over half of small businesses fear cash flow squeeze

27th June 2022 Commercial Credit Management |

New research suggests that the biggest financial issue for small business clients is a cash flow squeeze (52%). The report by iwoca also suggests that firms are missing a key opportunity to adopt Open Banking which it says will help meet the needs of small businesses facing a cash flow squeeze. The report is based…

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Number of sectors reporting falling output doubles amid slowing demand

The number of UK sectors reporting a fall in output doubled in May, as inflation continued to drive down demand for goods and services, according to the latest Lloyds Bank UK Sector Tracker. Six out of the 14 sectors monitored by the Tracker saw overall output contract, compared to three in April. This was the…

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Businesses warned that too much caution can become a catalyst for recession

New data from Time Finance has revealed the scale of impact on UK SMEs as the cost of doing business continues to rise, with 72% of businesses currently preparing for an imminent recession. The latest survey has seen Time Finance investigate the consequences currently being felt by UK businesses as they grapple with rising energy…

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Commercial Credit & Collections Conference review

Credit Connect’s hosted its second Online Commercial Credit & Collections Conference last week which saw trade credit, insolvency, business change and technology discussed by sixteen leading credit, collections and insolvency professionals. Commenting on the event, event panel speaker Charles Mayhew CEO from Global Debt Recovery and Litigation said “I was delighted to be on the…

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UK businesses brace for jump in late payments

Intrum’s annual European Payment Report (EPR), a survey of 11,000 companies across 29 European countries, shows that businesses are expecting late payments to grow significantly in the coming months, following the rising inflation and interest rates with UK businesses less likely than their European peers to make growth a priority. Across Europe, growth is slowing…

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UK business lost £23m in turnover during the pandemic

21st June 2022 Commercial Credit Management |

New research from the ONS has indicated that UK businesses lost £23 million in turnover during the pandemic Despite the hard hit, UK business bounced back in 2021 with the highest count of new businesses in over four years. The first quarter of 2021 recorded the highest number of new businesses since the first quarter…

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HMRC late payment interest rates to be revised after base rate rise

HMRC has announced that interest rates for late payments will be revised following the Bank of England interest rate rise to 1.25%. The Bank of England Monetary Policy Committee voted on 16 June 2022 to increase the Bank of England base rate to 1.25% from 1%. HMRC interest rates are linked to the Bank of England…

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Bank lending decreases as CBILS and BBLS end

Outstanding bank lending to small businesses in the hospitality sector has fallen by more than £1.4 billion since the end of the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS). Overall Bank lending dropped to £14.6bn in April 2022, down from £16.08bn in March 2021, according to analysis by Hazlewoods. There…

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Tight labour market shows signs of cooling the pandemic recovery

High inflation is causing real pay packets to shrink at their fastest rate in a decade, while the slowdown in growth may be causing the tight labour market to cool as unemployment ticks up, the Resolution Foundation said today (Tuesday) in response to the latest ONS labour market statistics. With CPI inflation hitting a 40-year…

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UK firms feeling the pressure

Data from PwC show the number of UK firms filing for insolvency in the first quarter was broadly similar to the same period in 2021. However, the analysts show that when the smallest firms and companies that were liquidated when solvent are stripped out, the figures show those filing while insolvent more than doubled in…

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SME lending trends indicate gradual return to normal

UK Finance’s latest Business Finance Review has indicated a gradual return to normal lending trends across SMEs during the first quarter of 2022. The research found a modest uptick in demand for cashflow finance through overdrafts and invoice finance and asset-based lending – as a consequence of both the end of Covid-19 restrictions and the significant…

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Supply chain crisis costing SMEs £3.9bn

9th June 2022 Business Lending | #SME costs

New research from Aldermore has found that over half (54% or 2.1 million) of all UK small and medium-sized enterprises (SMEs) have been impacted by the ongoing supply chain crisis in the last 12 months. Persistent supply chain problems have continued to plague businesses, as a result of a number of factors including labour shortages,…

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