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New Bill introduced to crack down on late payments
Last week saw the introduction of a new Private Members’ Bill to address the issue of late payments, following the failure of the Aldous Bill last year. The driving force behind the Bill, Lord Mendelsohn, commented: “Late payment is crippling small businesses while the UK economy is crying out for investment. By failing to tackle […]
SMEs in the UK are currently wasting 900,000 hours per day chasing late payments
In December 2019, Tide (a business account provider) surveyed 1,000 executive level staff within SMEs based in the UK, to analyse their use of time during their work day. The study found: SMEs across the UK are chasing more than £50bn in late payments On average, SMEs were chasing five outstanding invoices at any one […]
What is the difference between a debt collector and a high court enforcement officer?
If your business owes money to another business and you ignore all communication regarding paying the debt, you may end up with a debt collector or high court enforcement officer (HCEO) on your doorstep. If this happens, it is important to understand the difference between the two. Below we have put together some of the […]
Small businesses are wasting a week chasing late payments
In a recent report commissioned by Intuit QuickBooks, it was found that small businesses in the UK are spending on average more than one working week chasing late payments. The study of 500 small businesses found that SMEs spend 56.4 million hours a year looking for overdue and late payments, with most of this being […]
Don’t get caught out by paying the wrong person – the debt collection perspective
Following the recent case of Sell Your Car with Us Ltd v Anil Sareen [2019], we wanted to put together some useful tips to make sure you don’t fall into the trap of paying the wrong person, especially if it is a scam. We see this time and time again, both clients and their customers […]
If one thing is for certain, it’s that uncertainty is no good for British business
Dare we use the B word? Better not! With time ticking, it is becoming increasingly apparent that the UK’s current financial landscape, doesn’t know how to cope with the uncertainty surrounding the UK’s exit from the EU. Nobody or business can realistically predict how worldwide markets might react once we have left, but research published […]
Improved payment times reported within construction industry
Improved payment times reported within the construction industry Build UK recently reported that its members have reduced the average amount of time taken to pay invoices. For the last year, Build UK have been publishing data submitted under the Duty to Report on Payment Practices and Performance. The latest figures show a reduction of 5 days, bringing […]
My Debt Recovery celebrates 10th anniversary
My Debt Recovery celebrates 10th anniversary On Thursday 1st August, My Debt Recovery celebrated their 10th anniversary. Following over 20 years in commercial banking, Sean Husband, director of My Debt Recovery, decided he wanted to try something different. During Sean’s time as a senior commercial manager for a well-known bank, it became apparent that countless […]
