Credit, Collections & Insolvency News
A survey by the Association of Chartered Certified Accountants (ACCA) and the Corporate Finance Network reveals confidence among SMEs has fallen from 38% in summer last year to 17% now The number of SMEs who have plans for growth has plummeted from 38% in the summer of last year to just 17% with the Chancellor’s…
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A survey of over 1,000 UK small businesses has revealed that rising fuel and energy costs is now believed to be one of the greatest threats to SME survival in 2022. The SME Insights Report, published by small business insurance provider Simply Business, also found that one third (36%) stated tax and national insurance hikes are their greatest concern.…
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A poll by software company FreeAgent has found that a quarter of SMEs believe the economy has been damaged irreversibly by Brexit and the pandemic. The poll also showed that 64% of businesses are worried their businesses may not survive the next 12 months. The study found that while a fifth of SMEs believe there…
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More than a third of the UK’s hospitality sector is at risk of business failure in early 2023 due to the cost of doing business crisis, according to analysis of a new survey by UKHospitality, the British Beer and Pub Association (BBPA), the British Institute of Innkeeping (BII) and Hospitality Ulster. The organisations’ joint Q4…
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Ofgem has announced the energy price cap will increase to £3,549 per year for dual fuel for an average household from 1st October 2022. The increase is up 80% from the current cap of £1,971, and up 178% from the £1,277 cap in March this year. The Federation of Small Business (FSB) says that energy…
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Scaling back investment will have a wider economic impact, warns Time Finance as new data shows that businesses are making huge sacrifices due to rising costs, with one in five unable to invest in growing their business. As part of a survey to expose the extent of challenges currently facing businesses, Time Finance also found…
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A poll by PayPal UK saw two-thirds of SME bosses who have been running their business since before the pandemic say the last two years have been the most challenging for their business. Almost half (47%) fear that the next 12 months could prove even more difficult, with 12% saying there is a strong possibility…
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New research by Bibby Financial Services has found that 2.1million SMEs are ‘just about breaking even’ and face myriad of challenges that threaten to impact the UK’s economic recovery. The report says that SMEs are ambitious for the opportunity to regain lost ground post-pandemic, but risk being held back by a myriad of mounting pressures…
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Over half a million businesses are struggling financially amid soaring inflation and the rollback of government Covid-19 support according to Begbies Traynor’s Red Alert analysis. A total of 589,168 businesses reported financial distress in the final quarter of 2021, a five per cent jump compared to the previous three months. Begbies says that the data…
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Eight out of ten (79%) small business owners surveyed are regularly losing sleep due to worries about the impact Covid-19 continues to have on their businesses, according to new research by Business Debtline. The Building back business: tackling small business debt in the wake of Covid-19 report indicates that many self-employed people and small businesses are…
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