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How to improve your business’ cashflow at Christmas
Use the tips and advice in this blog to help your business to maintain a healthy cashflow this Christmas. Most businesses will experience some level of seasonality over the Christmas period. For many retail and catering businesses it is their busiest time of year, but for businesses in other industries, sales can come…
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Why do so many people get into debt over Christmas?
The demand for debt recovery services is expected to surge in the new year as businesses struggle to collect money owed by customers who have fallen into debt over Christmas. A 2017 article in the Independent found that more than three quarters of UK families with children make financial sacrifices at Christmas in…
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How is economic uncertainty in the UK affecting debt?
According to a recent study, bad debt write-offs have gone up from 1.5% to 2.5% year-on-year due, in part, to economic uncertainty. The Western Europe Payment Practices Barometer research report, carried out by trade credit insurer Atradius, examined how today’s economic uncertainty is affecting payment practices in the UK. Key findings from the…
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What is the difference between bad debt and doubtful debt?
Knowing the difference between bad debt and doubtful debt can help to prevent financial loss to your business. Today’s uncertain economic climate is having a negative effect on UK business payment practices, with a recent study finding that 35% of invoices remain overdue on their due date. Late or non-payment of an invoice…
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What tax relief can be claimed on bad debts?
Write-off bad debt and claim bad debt relief to avoid paying tax on income that you have not received. Most businesses will eventually encounter a non-paying customer, especially during today’s difficult economic climate. Bad debts can be very damaging to businesses of all shapes and sizes, so it’s important to minimise your losses…
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How to create invoices that get paid quicker
Getting paid promptly for the products and services you’ve provided shouldn’t be difficult, but unfortunately it often is. The UK’s late payment culture means that many SMEs are having to wait far longer than they should to receive payment from their debtors. Unpaid invoices can have a negative effect on a business’ cash…
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How long do unpaid invoices remain valid for?
Many SMEs are consistently paid late by their debtors, but just how long do those unpaid invoices remain valid for? UK businesses are currently suffering at the hands of the country’s late payment culture. One third of the UK’s SMEs say that their invoices are not paid until two months after the agreed…
