Credit, Collections & Insolvency News
The owner of two firms, which installed fire alarms, has been banned as a company director after paying almost nothing of the more than £300,000 owed in tax. Alex Shorthose caused Siamo Fire and Security Limited and Alex Fire and Security Limited to run up VAT and PAYE debts of £185,538 and £142,092 between December…
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Accountants and financial advisers warn that clients are increasingly struggling to pay tax bills with Corporation Tax the biggest concern, new research* from Premium Credit, a leading provider of finance for businesses, shows. The number estimating that at least 15% of clients found it difficult to pay tax bills (37%) has more than doubled from…
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Small business confidence is crawling back from historic lows, but without Government action, fresh cost pressures could drag it straight back down, the Federation of Small Businesses (FSB) has warned. FSB’s Small Business Index (SBI), which tracks how optimistic small firms are feeling, registered at -53 in Q1 2026, 18 points up from Q4 2025’s…
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Rising energy costs, supply chain disruption and ongoing geopolitical uncertainty linked to the Middle East conflict are already impacting the majority of UK businesses with two thirds (66 per cent) reporting experiencing energy and fuel cost pressures, while shipping and logistics costs (43 per cent) are also weighing on margins. According to the latest Barclays…
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A disqualified director who continued to run two companies for more than five years while he was banned has been sentenced. Bharat Jogia was disqualified as a company director for 13 years in 2014 after not disputing that he caused Jogia Jewellers (UK) Limited to wrongfully claim more than £2 million from HM Revenue and…
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A businessman living in Spain, instead of serving a prison sentence for contempt of court, has been banned as a company director. Jack Mason was the director of eight companies linked to his associates Scott Dylan and David Antrobus, who are currently serving lengthy disqualifications for unauthorised banking transactions worth almost £14 million. Mason failed…
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A bankrupt father who illegally transferred tens of thousands of pounds to family and friends to avoid debts has been jailed. Gareth Sowter was declared bankrupt in April 2021 after failing to pay more than £100,000 to the preparatory (prep) school attended by his three sons. Sowter had promised to use a sizeable inheritance to…
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Business energy costs are set to soar, with electricity bills increasing by an average of 10% to 30% since late February, depending on the sector and the size of the organisation. Gas price rises are steeper still, with Cornwall Insight forecasts showing bill increases of between 25% and 80%, as the ongoing conflict in the…
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UK inflation remained at 3% in February, according to the latest data from the Office for National Statistics (ONS). On a monthly basis, CPI rose by 0.4% in February 2026, the same rate as in February 2025. Clothing made the largest upward contribution to the monthly change to CPI annual rates; motor fuels made the…
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The Government has announced new legislation which is designed to protect small businesses and aims to ensure that companies pay suppliers within 60 days, with late payments potentially triggering fines. Boards must also detail payment terms in their audit reports. Under the new plans, the Small Business Commissioner will be given sweeping new powers to…
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A business adviser from Surrey has been disqualified as a company director for a second time after failing to pay more than £100,000 in tax. Richard Beal was the sole director of management consultancy firm Larter Beal Limited, which owed more than £70,000 in corporation tax and £50,000 in VAT when it went into liquidation…
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A jailed fraudster has been ordered to hand back more than £120,000 after securing Covid loans in his wife’s name. Shohid Ahmed applied for three maximum-value Bounce Back Loans on behalf of Red Square Restaurants Limited, using his wife’s name because she had a better credit history. The 41-year-old, of Bardsey Crescent, Bradford, received £100,000…
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One in seven high street businesses has transitioned to cashless payments in the past year, according to a survey by ATM and cash access network Link. The research revealed that 77% still accept cash. Despite this shift, 46% of in-person transactions remain cash-based. The biggest driver to becoming a ‘cashless’ business was fraud prevention (22%) followed…
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