Credit, Collections & Insolvency News
The ICAEW has warned that proposed UK reporting requirements for close companies could unfairly burden small businesses. The association says that under the new proposals, close companies will need to report details of transactions with participators to HMRC, placing a disproportionate administrative burden on compliant businesses, while doing little, if anything, to reduce the small…
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A new report released has revealed that significant strides are being made to improve the accuracy of the Companies House register and disrupt economic crime. The report is the latest part of the implementation of the Economic Crime and Corporate Transparency Act 2023 (ECCT Act), which brings about the most significant reforms to UK company…
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4.7 million businesses will be required to submit additional financial data to Companies House under major transparency reforms confirmed by the Government. From April 2028, small companies and micro-entities will be required to file profit and loss accounts with Companies House under changes introduced through the Economic Crime and Corporate Transparency Act. The reforms are…
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Britain’s construction sector is heading for a cash flow crisis, with firms battling late payments and rising costs on contracts that are now being delivered at a loss, according to new research from UK accountancy and advisory firm Menzies. The firm’s latest report finds that 86% of construction and property firms are already in or…
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More than half of UK businesses plan to increase investment in AI over the next year, according to a Barclays survey of 900,000 firms. The report found that 68% of companies plan to invest in cybersecurity, while 54% expect overall investment to grow. Six in ten firms are already using AI agents to improve productivity…
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The percentage of UK small businesses citing barriers holding their business back from growing has hit a six-year peak (84%), with the impact of overseas conflict on energy and fuel prices in the UK now a serious concern for one in three enterprises (32%), according to new findings from Novuna Business Finance. The data show…
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New data from the British Retail Consortium (BRC) has shown that furniture and health and beauty products are among the items that have risen most in recent weeks, driving an increase in shop prices of 1.2% year on year in May, with the rate slightly above the three-month average of 1.1%. High oil prices and…
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The Government has announced that the Small Business Protections Bill has been introduced to Parliament, aiming to end the scourge of late payments. The Small Business Protections Bill (formally known as the Commercial Payments Bill) delivers the toughest crackdown on late payments in a generation – putting a clear duty on large firms to pay…
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More than half (57%) of businesses say a combination of supply chain pressures and higher energy and fuel costs are among their biggest challenges as they grapple with the impact of conflict in the Middle East, according to new research from accountancy and advisory firm BDO. The bi-monthly survey revealed that supply chain pressures including…
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The conflict in the Middle East is forecast to weigh on the UK economy and exacerbate longstanding challenges for retail and hospitality businesses, according to the new EY UK Economic Outlook. The analysis shows that, prior to the outbreak of the conflict in the Middle East, UK GDP was on track to grow by 1.3% in…
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UK small and medium-sized enterprises (SMEs) are facing a wave of mounting pressures, with recession fears hitting a two-year high and concerns over energy costs and supply chain disruption rising sharply, according to iwoca’s latest SME Expert Index. The survey found that 70% say their SME clients are worried about the conflict’s impact on energy…
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The number of SMEs using some form of credit to pay for one or more insurance policies has significantly increased, according to new research from Premium Credit. The data, which monitors insurance buying and how it is financed, shows 90% of SMEs use some form of credit when they buy insurance, compared with 54% recorded…
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UK businesses facing ‘critical financial distress’ have surged by 36.9% to 62,193 in Quarter1, according to BTG, while those in ‘significant distress’ rose 9.6% to 634,867 Rising labour costs, higher National Insurance contributions and sustained energy price pressures are hitting margins, particularly in hospitality and leisure. Industry experts warn that many “zombie” businesses are now…
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