One in five SMEs that needed external finance were unable to access it

More than one in five (22%) small and medium sized enterprises (SMEs) that needed external finance and/or capital over the last couple of years were unable to access it according to research by Manx Financial Group. Over a quarter (27%) have had to stop or pause an area of their business because of a lack…

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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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Bounce Back Loan fraudster jailed for two years

A Director of Manchester pizza takeaway has been jailed for two years after he fraudulently claimed £20,000 Bounce Back Loan funds. Abdulrazag Zagroba appeared at Manchester Crown Court and was sentenced to 24 months before Recorder Hudson. The case was the first successful criminal prosecution of a bounce bank loan fraudster for the Insolvency Service,…

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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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Covid business loans saved hundreds of thousands of jobs

An official evaluation of the government-backed pandemic £78 billion loans schemes has found that they could have saved up to 2.9 million jobs. The research, commissioned by the British Business Bank, estimated that between 146,000 and 505,000 businesses that took out Bounce Back loans might have gone under without the support, up to a third…

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Ban for Director who claimed £30,000 Bounce Back Loan he was not entitled to

6th June 2022 Business Lending |

The Insolvency Service has announced a ban for consultancy Director who abused Covid-19 financial support scheme. Richard Milne, from Kingston-upon-Thames was Director of Langshot Ltd, a small consultancy incorporated in 2016. He applied for a £30,000 Bounce Back Loan on behalf of the company in May 2020 despite the company accounts showing annual turnover of…

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UK businesses squeezing suppliers

Businesses are paying their suppliers even later, despite admitting that they have a responsibility to smaller firms, according to early findings from Intrum’s 2022 European Payment Report. The annual report by credit management services company Intrum surveyed more than 11,000 businesses in 29 countries. It found the business landscape under pressure from new uncertainty, while…

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Late payments worsen for small businesses

Small businesses had to wait an average of 29.9 days to be paid in April according to the latest figures from Xero. Average late payment days increased by 1.8 days to 7.7 days. This is the longest small businesses have had to wait to be paid since September 2020. Xero says tougher economic conditions caused…

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Government urged to tackle cost of living crisis at root

Ahead of the Government’s plans to announce cost of living support measures to mitigate the impacts of rising prices, the Federation of Small Businesses (FSB) is urging that the Government tackles the cost of living crisis at root. Federation of Small Businesses (FSB) Chair Martin McTague said “The cost of living crisis starts with a cost…

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Over a quarter of businesses see late payment delays increase

Over a quarter (26%) of UK small or medium-sized enterprises (SMEs) have seen the number of late payments they receive increase since the cost of living has gone up, according to new research from Barclays. The new findings indicate that rising prices have started to impact payments between businesses, as 16% of SMEs said that…

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Government approach to Covid business support will cost taxpayer billions

Billions of pounds of taxpayers’ money will be ‘lost to fraud and error as a result of the Department for Business, Energy & Industrial Strategy’s (BEIS) approach to its Covid-19 business support schemes according to the Public Accounts Committee (PAC). Despite providing important support to businesses across the country, BEIS’ latest estimate is that £4.9…

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Value of business loans written off by banks almost doubles

The value of UK business loans written off by banks nearly doubled in the last quarter of 2021, rising 87% from £190 million in the third quarter to £356 million in the fourth quarter according to research by debt advisory specialists ACP Altenburg Advisory. Altenburg explains that write-offs of loans have been subdued throughout the…

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