Credit, Collections & Insolvency News
A new report by the Treasury Committee has found that the Government’s failure to act to tackle declining cash acceptance could lead to a two-tier society, with the most vulnerable bearing the cost. The Committee heard directly from vulnerable groups, including people with learning disabilities, domestic abuse victims and the elderly, that buying essential goods…
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A director who secured maximum-value Covid loans for three dormant companies and overstated his turnover to secure a fourth during the pandemic has been jailed. Ricky Harrison received a total of £200,000 in Bounce Back Loans during 2020, when he was entitled to just £16,000 at most. He also spent the money for personal purposes,…
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New research from the Institute of Directors reveals business leaders enthusiasm for productivity gains from AI has been tempered by board-level expertise gaps, reliability concerns and security risks. Nearly half (49%) of UK business leaders whose organisations use AI across any of their functions and processes, with 78% citing increased productivity and operational and administrative…
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The boss of an umbrella company, which failed to pay more than £2.5 million in VAT has been banned as a director. Hubert Omukhulu, failed to accurately declare the amount of VAT Remedy Payroll Solutions Ltd had to pay in 2020 and 2021. The inaccurate returns Remedy Payroll Solutions submitted suggested the company had no…
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Tax compliance costs small businesses nearly £25 billion a year, while three in five small business owners report that dealing with HMRC has increased their personal stress, according to a new report by the Federation of Small Businesses (FSB). The report counts the demands—in terms of stress, time, and financial costs—on small business owners when…
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The owner of a North London tyre shop has been banned as a director for 10 years after overstating his company’s turnover to secure a maximum-value Covid loan. Shkelzen Gashi ran Smart Tyres Services Ltd from his address on Harringay Road from 2015 to 2022. The 53-year-old claimed his company’s turnover was £250,000 when he…
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Latest data from the Office of National Statistics (ONS) has shown that inflation fell slightly to 2.6% in March, down from the 2.8% reported in February. Annualised inflation was forecast to come in at 2.7%. Core Inflation (excluding food, energy, alcohol, and tobacco) came in at 4.2% in the 12 months to March, down from…
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Business confidence fell into negative territory for the first time in over two years in the first quarter of 2025, as worries over this month’s surge in business costs and US tariffs wreaked havoc, according to ICAEW research. The Business Confidence Monitor (BCM) for Q1 2025 put confidence at -3 on the index, the weakest…
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A cafe owner who took £150,000 in Covid support funds for two companies which were not trading at the start of the pandemic has been sentenced. Mehmet Akyuz, fraudulently obtained three maximum-value bounce-back loans worth £50,000 each in 2020 for his Green and Hove Limited and Leathers Wear Limited companies. Both Green and Hove, trading…
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A building contractor who fraudulently claimed a £50,000 Covid Bounce Back loan has received a 13-month suspended sentence. Florin-Petrica Bodale operated as a building contractor offering plumbing, heating and air-conditioning installation and was based in Harrow, London. In November 2020, he successfully applied to a bank for a Covid Bounce Back loan of £50,000. But…
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A survey by Deloitte has revealed that concerns about geopolitical risks among FTSE 350 finance chiefs were at their highest level since the onset of the Ukraine conflict. Concern has only grown since US President Donald Trump started his trade war., According to the survey, CFOs of the UK’s largest businesses are assuming their most…
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The UK economy grew by 0.5% in February, according to the Office for National Statistics (ONS). The data showed growth following a 0.1% fall in January. The services sector expanded by 0.3 per cent, the production sector grew by 1.5 per cent and construction activity increased by 0.4 per cent. Commenting on the GDP figures,…
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Companies House has announced the launch of a new service that allows individuals to verify their identity through an Authorised Corporate Service Provider (ACSP). The introduction of identity verification is one of the key changes to UK company law under the Economic Crime and Corporate Transparency Act 2023. This landmark legislation gave Companies House new…
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