Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has today launched a consultation on plans to give more small businesses access to the Financial Ombudsman Service (FOS). This follows a review of the protections available to small and medium-sized enterprises (SMEs) as users of financial services. At the moment only individual consumers and around 5.5 million micro-enterprises (the…
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Britain’s complex tax system has caused a rise in the number of companies collapsing because of their debts to HMRC, according to a report. HM Revenues & Customs has emerged as the largest single creditor in 65% of cases where a business has been liquidated, a Freedom of Information request by Enterprise Tax Consultants has…
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The Federation of Small Businesses (FSB) has warned an EU-wide ban on preventing credit card charges from being passed on to customers presents a “double-edge sword” for small businesses and called on policymakers and businesses to work together to bring down the charges. UK companies will no longer be able to pass on the fees…
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Nine companies which had provided services to directors of insolvent companies, have been placed in provisional liquidation. The actions follow an investigation by the Insolvency Service The companies names Rigil Kent Acquisitions Ltd; Rigil Kent Corporate Acquisitions & Turnaround Ltd; Rigil Corporate Rescue Ltd; Rigil Kent Group Ltd; RK Acquisitions Ltd; RK Corporate Rescue Ltd;…
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SMEs could for the first time be paying a higher effective rate of tax than bigger businesses, according to research by Moore Stephens. The effective rate of corporation tax* paid by SMEs (businesses with a turnover of less than £25m) was 21.7% in 2016. This is higher than businesses with a turnover of more than £1bn,…
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The proportion of UK companies which are only paying the interest on their debts – one of the signs of a so-called ‘zombie’ business – has dropped to 3% in December from 5% in April this year, according to research by R3. The proportion of businesses only paying interest on their debts – equivalent to…
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The HMRC has announced that taxpayers will no longer be able to pay their tax bills by credit card. A letter sent out to taxpayers last month confirmed that HMRC would “no longer accept payment by personal credit card”. Coming into force from 13th January, the ban leaves those completing their annual tax returns just eighteen…
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The government has annnounced that it has launched a complaint handling service of the Small Business Commissioner to ensure fair payment practices for small businesses. This follows the appointment of Paul Uppal to the role of Small Business Commissioner. Regulations made by Small Business Minister Margot James mean the Commissioner can now handle complaints from small…
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Insolvency and restructuring trade body, R3 has responded to the Insolvency Service’s announcement that the government is to undertake an assessment of the Graham reforms of pre-pack administrations. Duncan Swift, deputy vice president at R3 said “The Government’s review is expected and is a good opportunity to examine the role pre-pack administrations play in the…
Read moreLatest government data has revealed that an average of six shops a day has been lost in England and Wales over the past seven years. Between 2010 and 2017, 15,856 shops were either demolished or converted into homes as retailers struggled to cope with the popularity of online commerce. There has been little reprieve under the…
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Expanding commercial lending has been a strategic focus for many banks over the last few years, and this movement aligns with the growing number of Government-backed schemes to support SME lending. However, challenges inherent within commercial credit processes often hinder growth efforts. When it comes to commercial lending, most credit processes – from application through…
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Responding to the 2017 Autumn Budget, Mike Cherry, Federation of Small Businesses (FSB) National Chairman, said “With costs rising and consumer demand flagging, small firms will welcome today’s business-friendly Autumn Budget. It was good to see the Chancellor’s speech acknowledge our concerns about the VAT threshold. Dragging thousands of more small firms into the hugely…
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Debt Collection Agency (DCA) Controlaccount has announced it has maintained its ISO certifications for their procedures and systems for the 4th year running. ISO 9001 and ISO 27001 are internationally recognised certifications which outline strict standards that organisations must meet for Quality Management and Information Systems procedures. Controlaccount, based in Stoke Prior, Worcestershire has successfully demonstrated,…
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