Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has told banks to improve the treatment of struggling small business borrowers. As part of its work in response to the increased cost of living, the FCA has told banks they must treat small business customers fairly when collecting and recovering debts. A review of 11 bank’s collection practices identified…
Read more
New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in May 2022 by 5% compared with the same month in 2021. In the five months to May 2022, new business was 2% higher than in the same period in 2021. The…
Read more
Businesses reported a fall in confidence this month, declining 10 points to 28% according to the latest Lloyds Bank Business Barometer. This is the lowest level since March 2021 when the economy emerged from the second Covid-19 wave. This fall in business confidence comes as inflation reaches its highest level for 40 years as the…
Read more
The June 2022 Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, fell to -60 in June, its lowest level since the early months of the pandemic, down from -45 in April. Of those that said they were pessimistic about the prospects for the UK economy, the overwhelmingly most…
Read more
Despite the plethora of innovative new software on the market, nearly half (49%) of financial professionals are still using Excel spreadsheets to log information and updates on customer payments into their business according to research by Visma | Onguard. The figure represents a slight increase on 2021 levels (46%), highlighting that the industry’s reliance on…
Read more
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…
Read more
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…
Read moreThe 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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more