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Top tips on recovering your debts during the pandemic
The current pandemic is causing havoc amongst UK businesses, with many being forced to shut down and others scaling back considerably. Despite the Government stepping in to introduce various measures to minimise the impact of the coronavirus, there will be many businesses who will be facing financial hardship and possible closure. We’ve recently been asked […]
Common debt collection myths busted!
Unfortunately, the perception of debt collection agencies isn’t always positive, due to a few rogue agencies giving us a bad name. This leads to businesses writing off debts as uncollectable, which could have been avoided if they had the help of a debt collection agency. There are many agencies out there, like us, who deliver […]
62% of small businesses report increase in late or frozen payments
The Federation of Small Businesses (FSB) has published a new report showing that 62% of small businesses have seen an increase in late or frozen payments due to the COVID-19 pandemic. The FSB is a not-for-profit organisation that offers small businesses advice, financial expertise, support and a voice heard in Government. Its new report titled […]
Small business revenue drops by 28% during lockdown
Accounting platform, Xero, has reported that SMEs have seen a significant drop in revenue during April and May, compared to the same period last year. Xero has found that SMEs saw a 26% drop in revenue in April, with a further drop of 28% in May. To add to small business pressures, the research also […]
What is the Prompt Payment Code?
The Prompt Payment Code (PPC) was established in December 2008 and is a voluntary code that sets the standard for payment practices. In March 2020, the Prompt Payment Code was transferred from the Chartered Institute of Credit Management (CICM) to the Small Business Commissioner’s office to bring all late payment initiatives under a single umbrella. […]
Construction Industry: Administrations On the Rise
According to data provided by Creditsafe, May saw 35 construction companies fall into administration. This is a considerable jump from the 9 construction companies who fell into administration in April, although February is still the highest month of 2020 with 36 administrations recorded. The coronavirus has had a huge impact on many construction businesses with […]
Small Business Commissioner’s plea to big businesses
At a time when all businesses are facing increased pressure on cash flow, the Small Business Commissioner’s appeal to big businesses in the UK is welcomed by the small business community. The Small Business Commissioner (SBC) has written to a number of big businesses who are displaying the worst payment practices during the current pandemic. […]
Late Payments: Can I charge interest and late fees?
We have previously reported how SME’s in the UK are wasting hours chasing late payments and how they are impacting the mental health of business owners. This is a longstanding issue and not just something that has come about from the current pandemic. Did you know you can add interest and additional fees to your […]
Unpaid B2B Invoices Up by 23% in the UK
A recent study by Sidetrade, a B2B artificial intelligence platform, has found that since 11th March 2020, the UK has seen a 23% increase in unpaid B2B invoices. Sidetrade has launched the very first unpaid invoice tracker to provide objective insights into unpaid B2B invoices. The tracker is based on statistical analysis of 26 million […]
Statutory Demands & Winding Up Petitions Ban: What You Need to Know
On Thursday 23rd April, the UK Government announced their plans to bring forward emergency insolvency legislation. Commercial property landlords have now been temporarily banned from issuing statutory demands and winding up petitions to businesses struggling due to the coronavirus. The Government press release stated: “High street shops and other companies under strain will be protected […]