It is important that the UK’s smallest businesses should receive greater support on prompt payments, due to their more significant need for debt management help, according to Debt Guard Solicitors.
A newly published study by the company looks at 9,000 submissions to Companies House in order to build a picture of UK businesses’ real account details.
Many SMEs are unaware of the alternatives to conventional business bank loans, according to a report from Close Brothers Business Finance.
One of the accusations repeatedly levied against government legislation on late payment is that it “lacks teeth” – but how can new laws be made to have an impact, without forcing SMEs to charge fees and interest on their overdue invoices?
With the referendum on Scottish independence due to take place this week, a survey of FTSE100 chairmen by the Sunday Telegraph has revealed that four out of five believe a Yes vote would be harmful to the UK economy as a whole.
If you are in business in the UK, there is a good chance you will be affected in some way by the vote on Scottish independence, whether directly as a company with links to Scotland, or indirectly as an English firm whose banking and risk profile are impacted upon by the referendum’s outcome.
Local authorities have been urged to prioritise working with small firms, following the publication of figures that show just a handful of the biggest companies earn almost as much from local government contracts as all small firms put together.
Over 10,000 medium-sized businesses in the UK will become ‘small’ in the coming few years, as the EU Accounting Directive comes into force.
It is surprising how many landlords give up chasing their tenant when they have left the property. Landlords are often so relived that they have possession of their property back, that they write off many bad debts, and in doing so incur a huge loss.
A surge in activity in the auto-enrolment pensions market means the clock is well and truly ticking for the 1.6 million SMEs required to enrol into a scheme over the coming four years.
Setting up a business can be an exciting time; you have an idea, perhaps even a physical product or invention, and you’re almost certain it’s going to make you rich.