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Flexible Repayments for Bounce Back Loans
Last week the government announced flexible repayments for Bounce Back Loans that were taken out by businesses to weather the economic storm caused by COVID-19. The scheme was introduced to enable SMEs to access vital funding throughout the coronavirus outbreak and it was announced in December 2020 that the scheme would be extended until 31 […]
Top Three Credit Control KPIs to Keep Track Of
With late payments running rife in many industries, our top three credit control KPIs to keep track of will help you identify areas in your current credit control process that require attention and improvement. Late payments have been an ongoing issue, enough to push the government to overhaul the Prompt Payment Code. How effective is […]
UK Government Overhauling Prompt Payment Code
It was announced last week that the UK Government is overhauling the Prompt Payment Code in a bid to tackle late payments made from large businesses to their smaller suppliers. The government hopes this reform will go some way to protecting jobs and helping to rebuild the economy as a result of the COVID-19 pandemic. […]
Why Is My Business Suffering From Late Payments?
“Why is my business suffering from late payments?” is a question that you are probably asking yourself more often as the result of the current economic crisis. Businesses are suffering from a late payment pandemic, as well as from the coronavirus pandemic, and it could be down to a number of different factors. We have […]
How Can My Debt Recovery Help Insolvency Practitioners?
My Debt Recovery has been able to help many Insolvency Practitioners (IPs) throughout its history and with the level of corporate insolvencies set to increase by more than 40% in 2021, now is a key time for practitioners to call on their network to help alleviate the pressure that will follow the number of rising […]
Financial and Mental Health: A Direct Link For SME Owners?
Forbes recently produced an article that discussed the direct link between poor financial health and mental health issues for SME business owners. It looked at causes such feeling out of control of finances or concerns about financial stability and futureproofing. “Research from MarketFinance found that most small business owners believe they will not survive into […]
How to keep an eye on my cash flow
We reported last week that a new survey from Nucleus Commercial Finance revealed that almost 25% of SMEs are operating with little or no savings behind them, meaning good cash flow is a vital lifeline for the business’s survival. Research showed that out of the SMEs surveyed that did have savings, almost 80% had to […]
Can I Claim VAT Relief on Bad Debt?
Finally resigning yourself to writing off a bad debt can be a wrench. Not being paid for the hard work you have put into providing your goods or services can feel unfair and unjustified. But, did you know that if you’re a VAT registered business then you can claim back the VAT that you have […]
My customer is insolvent – what now?
The effects of COVID-19 on the economy have been particularly distressing for business owners and the increase of late payments has been felt across all industries. Temporary insolvency prevention measures put in place by the Government are due to end in December, coupled with clearing the backlog of court action, it’s likely to result in […]
Almost 560,000 UK Businesses are in ‘Significant Distress’
The effects of COVID-19 are becoming more and more evident with new headlines appearing almost every hour, covering bleak stories of job losses and industry giants collapsing. But, there are few headlines more startling than the outcome of the Begbies Traynor Group Red Flag Alert Research. Their latest findings for Q3 2020 show that 557,000 […]