Credit, Collections & Insolvency News
The Financial Stability Board (FSB) has published a letter from its Chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors, ahead of the G20 meeting on 25-26th July. In his letter, Knot highlights historically high debt levels of both government and private sector borrowers and vulnerabilities in real estate markets and Non-Bank Financial…
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New analysis by Forvis Mazars has found that the HMRC has collected an extra £14.4 million in tax from insolvencies since it regained its ‘preferential creditor’ status in insolvencies. HMRC was given ‘Crown Preference’ priority in insolvencies in December 2020. That preferred status allows it to reclaim tax owed from an insolvent business ahead of any…
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Nearly one in 12 SMEs, around 440,000 firms, say they have missed tax payment deadlines in the past year with a third of them admitting to missing five or more, new research from Premium Credit. The study with SME owners and managers found 8% of the UK’s 5.55 million SMEs have missed tax payment deadlines for…
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Credit Connect Media hosted the return of its Commercial Credit & Collections Conference last week at the Met Hotel in Leeds which saw trade credit, insolvency, and economic change and discussed by fourteen leading credit, collections and insolvency professionals. In the sixth edition of the Commercial Credit & Collections Conference series, hosted by Credit Connect…
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Sir Keir Starmer has become the UK’s next prime minister after Labour secured a majority in last week’s general election. The results showed that the Conservative party saw its number of MPs fall to the fewest in its history. Commenting on the result, David Postings, Chief Executive of UK Finance said “I’d like to congratulate…
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New research from Experian has today revealed that eight in ten (83%) british businesses acknowledge data governance should no longer be an afterthought and can give them a strategic advantage. A further 86% agreed that data governance will become more important over the next five years. With AI changing the way businesses are run and…
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New research from Premium Credit shows the cost of living crisis is increasing the tax bill pressure on SMEs with more than 430,000 firms currently struggling to pay money owed to HMRC. The study by the leading provider of finance for companies’ tax bills with SME owners and managers found nearly one in five (17%)…
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More that half of business owners (54%) think the latest recession was an opportunity for entrepreneurs, whilst 51% think British entrepreneurship is about to boom. This rises to 57% of serial entrepreneurs, who have started multiple businesses in their time, according to new research from Charles Stanley. The research, has found that the opportunities driving…
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Small firms say the ‘supply chain could crumble’ unless the next Government prioritises international trade. Figures from the Federation of Small Businesses (FSB) show that one in five (22%) small firms are worried about the costs of exports and imports over the next five years. FSB research also shows how one in four (27%) would…
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Latest economic ONS data has shown that growth was flat, with GDP unchanged between March and April. GDP showed no month-on-month growth following a 0.4 per cent rise in March The data reflects modest growth in April, offset by weakness in both Production and Construction. Services output rose 0.2% month-on-month whilst Construction output fell 1.4…
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The Federation of Small Businesses (FSB) has urged the next government to focus on a better trading relationship with the EU, reform business rates, and clamp down on poor payment practices towards smaller suppliers. The FSB also wants to see an improvement in small businesses’ access to finance and a 33% statutory public procurement target…
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The UK’s middle-of-the-pack record on economic growth since 2010 has been flattered by the population growing by six million people. But Britain will need to turnaround its dire productivity record and leverage its services strengths if it wants raise growth and boost living standards in the 2020s, according to new research By the Resolution Foundation.…
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Millions of voters who run their own businesses are still to make a final decision on who they will back on polling day, according to a snap general election survey by the Federation of Small Businesses (FSB). It reveals that 96 per cent of small business owners intend to vote, but one-in-five (20%) have yet…
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