Tag: Debt Collection Procedures

  • 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 study included:…

  • 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 is an…

  • 3 common late payment excuses and how to handle them

    Learn how to deal with these three common late payment excuses efficiently to get paid quicker. If your client is constantly deflecting your requests for payment and you’re beginning to worry that your invoices are never going to get paid, it’s time to tackle the problem head-on. Before you make another phone call to chase…

  • 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 by claiming…

  • 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 flow, slowing…

  • 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 payment terms.…

  • It will soon be compulsory for bailiffs to wear body-worn cameras

    The Ministry of Justice have announced that it is to be compulsory for bailiffs recovering debts from private homes to wear body cameras. The decision, which was announced on July 22nd2019, was made in response to complaints about threatening behaviour from unscrupulous enforcement agents. Here at Churchill Recovery we believe that debt collection should always…

  • How to charge interest on late payments

    Charging interest on late payments is an effective way of protecting your business’ cashflow. UK businesses of all shapes and sizes are suffering due to the country’s late payment culture. 80% of small businesses are paid late, and on average, SMEs are owed £6,142in late payments at any one time. Being paid late can have…