Credit, Collections & Insolvency News
HMRC is continuing its campaign of targeting restaurants and takeaways as financial stress makes tax evasion more tempting for smaller operators in the sector, says the accountancy and business advisory firm, BDO. According to BDO, restaurants and takeaways account for 26% (200 of 775)* of businesses ‘named and shamed’ by HMRC as ‘deliberate tax defaulters’ since…
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A report detailing the major economic and political updates of North American markets has been published by global trade credit insurer Atradius. The Atradius North American Country Report is a free publication for any business that is trading, or seeking to trade, within the region. Richard Reynolds, head of Strategic Accounts for Atradius UK, said…
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The Department for Education has confirmed it petitioned the High Court for Hadlow College to be placed into “education administration”, under the insolvency regime created by the Technical and Further Education Act 2017. The High Court is expected to respond on 22nd May. Insolvency practitioners BDO are understood to have been lined up as the…
Read moreNew research by fraud investigation technology provider HooYu has identified loopholes at Companies House that enables individuals to register as a director, to run businesses and to enable fraud and money laundering, even after they have been struck-off from holding company directorships. The analysis also uncovered over 500 so-called “chameleon” directors who have been disqualified…
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The latest statistics from the Valuation Office Agency’s ‘Check, Challenge, Appeal’ business rates system show a 97% drop in the number of businesses challenging their rates bills in the last two years in England, compared to the two years following the previous revaluation. Responding to the figures, Federation of Small Businesses (FSB) National Chairman Mike…
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Credit Insurance specialist Euler Hermes has issued its annual review and forecast of global average Days Sales Outstanding (DSO), based on a sample of 25,000 listed companies across 20 sectors and 36 countries. Days Sales Outstanding (DSO) is a measure of how long it takes companies to collect cash from customers. Euler Hermes’ study shows…
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New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 11% in March, compared with the same month last year, and also by 11% in Q1 2019 overall. New finance for plant and machinery grew in March by 11% compared with the…
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Companies will be better protected from fraud, under new Companies House reforms that will do more to safeguard the personal data of business owners and ensure the accuracy of the register. Business Minister Kelly Tolhurst has unveiled a substantial package of reforms to Companies House. With the clear aim of minimising the burden on law-abiding…
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New analysis from KPMG UK finds the rising prominence of so-called ‘zombie firms’ is threatening to cause a significant drag-effect on the UK economy. KPMG’s analysis looks at the last three annual accounts of listed UK companies (FTSE and AIM) reveals that 8% of UK companies currently display zombie-like symptoms. But based on the latest…
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Commenting on the Appointment Administrations from April 2019 Insolvency analyst Geoff Swire from geoffswire.co.uk said “Without any one month being exceptional the Q1 2019 produced the highest number of Administrations (428) since 2014. Members Voluntary Liquidations (MVLs) and Creditors’ Voluntary Liquidations (CVLs) have both seen their usual uptick at this time of the year but…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1ST CHOICE PROPERTIES (SRAL) LTD 2 ALL OCCASION SA CATERS LTD 38 WILTON LTD A1 MEAT SUPPLIES LTD ABBEY FIRE EXTINGUISHERS LTD ACA ASPVM GROUP LTD ACCESS CORPORATE LTD ACREMANS TIMBER LTD AIM PERSONNEL LTD AJH TAVERNS LTD…
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An Information Commissioner’s Office (ICO) investigation into HMRC’s Voice ID service was prompted by a complaint from Big Brother Watch about the department’s conduct. The investigation focused on the use of voice authentication for customer verification on some of HMRC’s helplines since January 2017. The ICO found that HMRC failed to give customers sufficient information…
Read moreRetailers are being encouraged to work with insurers to enable informed and accurate trade credit decisions, according to credit insurer Atradius. In its latest Market Monitor report focusing on the retail sector, Atradius highlights the importance of real-time information and close-working relationships with retailers as imperative to credit risk analysis. The advice comes as Atradius…
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