Credit, Collections & Insolvency News
Confidence among British businesses has significantly declined due to Labour’s tax policies, according to a survey by the British Chambers of Commerce (BCC), revealing that 56% of firms are worried about their tax burden. While price rise expectations have eased back from near historic highs in Quarter 1, tax remains the biggest concern cited by…
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A West London building contractor who overstated his company’s turnover by almost £200,000 to secure a maximum-value Covid Bounce Back loan has been banned as a director and ordered to repay the money he was not entitled to. Tahir Haq obtained a £50,000 Bounce Back loan for building completion and freight transport company Integral Maintenance…
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A new Government report has highlighted how Companies House is transforming from a passive register to an active gatekeeper, providing examples of how the agency is actively tackling economic crime and improving register data. Key to Companies House progress is strengthened collaboration with The Insolvency Service and other law enforcement agencies to present a unified front…
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The boss of four companies, which owed HMRC more than £1 million, including £400,000 in VAT they falsely reclaimed, has been banned as a Director. Hassan Waqar was the director of HN Restaurants Limited, Kiani Construction Limited and Moneemint Ventures Limited when they submitted falsified documents to HMRC. A fourth company, Zoya Investments Limited, failed…
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The vast majority of businesses using AI say the technology has helped them to boost their productivity and profitability according to new research from Lloyds’ Business Barometer. The data showed that of the 59% of UK companies currently using AI, more than three quarters say it has improved their productivity (82%) or profitability (76%). Productivity…
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The Lending Standards Board (LSB) has announced it will close. The UK’s non-statutory regulator will begin a solvency wind-down of its business operations, scheduled for 31st October 2025. The LSB’s decision to close follows the withdrawal from registration by the UK’s largest high street banks, who said that the FCA’s Consumer Duty provided sufficient protection…
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Premium Credit research has found a surge in growth for the total amount it lends and number of customers it helps spread the cost of VAT, corporation tax and self-assessment tax payments. The number of customers using the Tax and VAT funding service has more than doubled in the past two years by 108% while…
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A survey of SME business owners and managers by Purbeck Insurance has found that three in four (77%) businesses are owed money by late-paying customers. On average, SMEs with ten or more employees across the UK are each currently owed £18k-£22K in unpaid invoices. The survey found that SMEs with 100-249 employees have the biggest…
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The Bank of England Monetary Policy Committee (MPC) has voted to hold interest rates at 4.25%. The MPC voted 6 to 3 in favour of leaving rates unchanged, with 3 members preferring to cut rates to 4.0%. Responding to the Bank of England’s Monetary Policy Committee’s vote to keep the base rate at 4.25%, Tina…
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Latest Office for National Statistics (ONS) data has shown that inflation stood at 3.4% in May 2025 down 0.1% on April 2025 with rises in food and furniture costs offset by lower air fares and petrol prices. Annualised inflation was forecast to come in at 3.4% whilst core inflation came in at 3.5% in the…
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The Government has announced that it has appointed Emma Jones CBE, Founder of Enterprise Nation as the new Small Business Commissioner. Jones will take up the role on 23rd June 2025 following the completion of Liz Barclay’s four-year term as the current Commissioner. Barclay was instrumental in designing and delivering the new Fair Payment Code,…
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The director of two companies which run mobile phone shops across the UK has been handed a two-year suspended sentence, after he fraudulently claimed £150,000 in Covid Bounce Back loans. Zahid Afzal, the director of Phone Bits Ltd and Phones Onn Ltd, had already received Covid loans for both companies legitimately – totalling £52,500 –…
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A Management Consultant who secured two Covid Bounce Back Loans – totalling £80,000 – having twice significantly overstated his company’s turnover has been disqualified for 11 years. Romain McLean was the sole director of RMC Associates Limited, registered at Kingston Road in Wimbledon. He applied for a £30,000 Covid Bounce Back loan for his business…
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