Credit, Collections & Insolvency News
HMRC has announced a one-year delay to the implementation of the Value Added Tax (VAT) reverse charge until 1 October 2020 after “industry representative raised concerns” about the move. In June, the government published guidance about the so-called reverse charge on the way VAT is collected in the building and construction industry. The changes were…
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The Financial Conduct Authority (FCA) has made two new senior appointments. Kate Collyer joins its Chief Economist and Marlene Shiels, joins as Chair of the FCA’s Smaller Business Practitioner Panel. Collyer is currently Chief Economist for Energy and Market Frameworks and Joint-Director of Analysis at Department for Business, Energy and Industrial Strategy (BEIS). The FCA’s…
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New identity checks for company directors should be introduced to help reduce business fraud, says Tim Cooper, chair of insolvency and restructuring trade body R3 in Scotland. A Government consultation into enhancing the role played by Companies House in the UK’s anti-fraud framework, which recently closed, provides a real opportunity to significantly strengthen the UK’s…
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The Chartered Institute of Credit Management (CICM) new rules for the Prompt Payment Code (PPC) have now come into effect. The new rules mean that companies could be blocked from bidding for government contracts worth over £5m if they fail to pay 95% of their invoices within 60 days. Reacting to the start of the…
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Bupa Insurance Services poor payment practices have been exposed in a new report by The Office of the Small Business Commissioner. The reports names Bupa for failing to pay adequate compensation to a small business in a case of late payment of invoices, following an investigation into a complaint. The small business commissioner found that…
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Dun & Bradstreet’s latest UK Industry report has revealed that retailers continued to face a challenging business environment throughout the first half of the year. Between falling year-on-year sales, as reported by both the BRC and ONS, and a growing number of vacant stores, retailers are feeling the brunt of consumer uncertainty, particularly surrounding the…
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West Kent and Ashford College (WKAC) is set to enter education administration under the insolvency regime created by the Technical and Further Education Act 2017. WKAC bosses have filed a request to also be placed into education administration after the FE Commissioner recently recommended East Kent College Group should take on its provision and facilities…
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Three directors who dishonestly secured credit by causing their companies to submit false invoices to factoring companies have been banned for a total of 29 years. Deborah Fisher of Spalding, Lincolnshire was the director of NJ Transport Limited, a haulier based in Weston Hills. Over two years between January 2016 and March 2018 she caused…
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Build UK, a representative organisation for the UK construction industry says that its members are continuing to improve their payment performance based on data submitted under the Duty to Report on Payment Practices and Performance. Build UK began publishing this information just 12 months ago, ahead of the Cabinet Office confirming its intention to take account of payment…
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An investigation by the real estate adviser Altus Group reveals that, during the last financial year of 2018/19, 190,000 non domestic premises such as pubs, shops, restaurants and offices in England were hauled before a Magistrate for non-payment of their business rates fuelling claims that the system is seen to be criminalising firms struggling to…
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The Institute of Chartered Accountants in England and Wales (ICAEW) is urging Boris Johnson’s new government to help businesses by dealing with challenges flagged up in its latest ICAEW Business Confidence Monitor™ (BCM). One of the most widespread issues found in the report is the rising proportion of businesses which report late payment as an…
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Smart infrastructure solutions company, Costain has been reinstated to the live Prompt Payment Code list. The Chartered Institute of Credit Management (CICM) has acknowledged the group’s real and fast progress to ensure its suppliers are paid in line with the requirements of the code. In a press announcment, Cosatain said “Costain was an early signatory…
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The Insolvency Service has reported that it has returned £61.3 million to creditors, up from the £55.3 million last year according to the results as part of its annual report (2018 to 2019). Sarah Albon Chief Executive of the Insolvency Service said “I’m happy to report on another solid year of delivery by the Insolvency…
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