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What cash flow support is available for businesses impacted by Coronavirus?
HMRC coronavirus helpline If you are concerned about cashflow or tax, HMRC have set up a helpline for businesses worried about not being able to pay their tax due to coronavirus. HMRC will discuss your specific circumstances to explore: agreeing an instalment arrangement suspending debt collection proceedings cancelling penalties and interest where you have administrative…
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FCA says credit card companies are not doing enough to aid those in persistent debt
The FCA has told credit card companies that they must do more to help customers who are in persistent debt. In 2018 the Financial Conduct Authority (FCA) introduced new rules aimed to help those customers who had been in persistent credit card debt for the last 36 months. Their recent research though has found that…
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3.4% increase in funeral costs sees more people pushed into funeral debt
During 2019, the cost of dying increased by 3.4%, pushing more people than ever before into funeral debt. Last year saw funeral costs and funeral debt both rise to record highs, a trend that looks set to worsen in 2020. The ‘Cost of Dying’ report by SunLife found that during 2019 funeral costs continued to…
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How and why your business should consider tightening up its credit terms
Tightening up your business’ credit terms could help to save you time and money on chasing up late and non-paying customers. Businesses across the UK are facing serious financial consequences due to the late payment culture that is leaving them waiting months for the money owed to them. If you’re struggling to get your invoices…
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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 to a…
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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 study included:…
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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 is an…