The Money Advice Service has published The Economic Impact of Debt Advice, a report that demonstrates a financial return of up to £960m per year to the UK economy. This is in the context of an estimated £150m and £200m total annual investment in debt advice. The research, undertaken by Europe Economics, builds on work previously…
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The Civil Enforcement Association (CIVEA) has appointed Russell Hamblin-Boone to a new position of Chief Executive Officer. Mr Hamblin-Boone will give a new voice and direction to CIVEA and its members at a time when the industry is facing a review of regulations and needs strong representation in policy debates. Hamblin-Boone was previously Chief Executive…
Read moreThe Office for National Statistics has published its latest UK consumer price inflation figures showing the Consumer Prices Index was at 3% in December 2017, down from 3.1% in November 2017. Findings published today from the Institute for Fiscal Studies also reveal that around a quarter of the lowest income households are struggling with arrears…
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UK sales recorded four consecutive quarters of growth in 2017, rising by 24.91% or £1.77 trillion worth of sales in the last three months of the year. Bad debt also dropped to its lowest point at the end of 2017, with UK businesses chasing an average of £193,014 worth of unpaid invoices in Q4 2017,…
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Specialist Bank, Aldermore, the specialist bank, has announced the appointment of Tim Bearder as Head of Specialist Vehicle Valuations, a key role within the Bank’s Business Finance division. Bearder, whose career spans over 35 years in the motor industry, brings extensive knowledge and experience to the role supporting the Bank’s ambition of gaining a greater…
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PwC has been appointed as the special managers to troubled outsourcing giant Carillion, which has announced it is going into compulsory liquidation with immediate effect, putting thousands of jobs and major government infrastructure projects, including the new HS2 high-speed rail link, at risk This weekend saw crisis talks between the company, key financial stakeholders and…
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Britain’s complex tax system has caused a rise in the number of companies collapsing because of their debts to HMRC, according to a report. HM Revenues & Customs has emerged as the largest single creditor in 65% of cases where a business has been liquidated, a Freedom of Information request by Enterprise Tax Consultants has…
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New research from GoCompare Money has revealed that Brits are hiding a collective £13bn worth of secret personal debt from their friends, families and even their partners. The study from the comparison site found that 40% of UK adults had some form of personal debt (excluding mortgages), owing £6,131, on average. However, despite nearly a third (29%)…
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In 2017, almost half of all small to medium UK enterprises turned down a contract or order because they couldn’t deliver the work due to a lack of available finance; a trend that is expected to continue in 2018. According to funding line data from Hitachi Capital Invoice Finance, the demand for invoice finance is…
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The Federation of Small Businesses (FSB) has warned an EU-wide ban on preventing credit card charges from being passed on to customers presents a “double-edge sword” for small businesses and called on policymakers and businesses to work together to bring down the charges. UK companies will no longer be able to pass on the fees…
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The late payment culture knows no borders according to new research by MarketInvoice. The research shows that the proportion of UK invoices being paid late – and the amount of time taken to settle them by EU and USA firms – has risen dramatically between 2016 and 2017. The findings also reveal that 73% of…
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SA Insolvency, which has practices in Worcester, Hereford and Northampton, has agreed to merge with Benedict Mackenzie. The new business will be branded as Benedict Mackenzie. Director Sanjay Swarup said the two firms brought together more than 20 years of experience of providing insolvency and advisory services. “The scale will allow for better service, with…
Read moreThe report of the Public Accounts Committee (PAC) into HMRC’s performance published today (12 January 2018) makes for sobering reading according to the ICAEW. The ICAEW responded to comments from the Chair Meg Hillier that highlights the risks that HMRC faces from undertaking the largest transformational programme in Europe while at the same time coping…
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