Bank-to-business lending is forecast to contract 3.8% (net) this year, from net growth of 3.7% in 2022, before returning to growth (of 0.9% net) in 2024 according to research by leading economic forecasting group EY Item Club. The outlook for business lending is set to improve next year as the economy begins to recover. However, […]… Continue Reading
At Top Service we promote the use of great customer relationships to support our members’ business growth and help to improve cash flow. For us, credit management starts right at the beginning of your customer relationship. There are a few simple steps you can take that will make big improvements: 1) Use a credit application […]… Continue Reading
A survey by the Association of Chartered Certified Accountants (ACCA) and the Corporate Finance Network reveals confidence among SMEs has fallen from 38% in the summer last year to 17% now. The number of SMEs who have plans for growth has plummeted from 38% in the summer of last year to just 17%. The research […]… Continue Reading
A round-up of last year’s official business insolvencies, across all sectors, by Emma Reilly, MD of specialist credit referencing and debt recovery agency, Top Service Ltd: * 50 in every 10,000 active limited companies entered insolvent liquidation in 2022. This was an increase from the 33 per 10,000 active companies that entered liquidation in 2021, […]… Continue Reading
Latest quarterly figures from the Insolvency Service have shown that the number of company insolvencies across all sectors in England & Wales increased by 30%, compared with the previous year. After seasonal adjustment, the number of business insolvencies in Quarter 4 (Q4) 2022 was 7% higher than in Q3 2022 and 30% higher than in […]… Continue Reading
National Insolvency figures published (17 January 2023) by the Government’s Insolvency Service have indicated that the number of registered company insolvencies in December 2022 was 1,964: 32% higher than in the same month in the previous year (1,489 in December 2021), and 76% higher than the number registered three years previously (pre-pandemic; 1,119 in December 2019). There were […]… Continue Reading
Small and medium housebuilders struggling to access traditional development finance can take advantage of government funding to get homes built across England. Through the government’s Levelling Up Home Building Fund, Homes England provides development loans to small and medium housebuilders. The Fund supports smaller house builders that struggle to access finance through traditional bank lenders, […]… Continue Reading
Around £12m people in the UK are required to file a Self Assessment with HMRC every year detailing their earnings. The January 31st deadline for Self Assessment returns is approaching fast and those who file late will face fines of at least £100. The January 31st deadline also applies to payments of tax for which […]… Continue Reading
National Insolvency figures published (14 December 2022) by the Government’s Insolvency Service have indicated that the number of registered company insolvencies in November 2022 was 2,029: 21% higher than in the same month in the previous year (1,676 in November 2021), and 35% higher than the number registered three years previously (pre-pandemic; 1,505 in November 2019). There were […]… Continue Reading
The complex nature of construction contracts means it is all too easy for construction businesses to pay you later than is agreed or even pay less than you are entitled to. The problem is exacerbated in times of economic unpredictability, when cash retention becomes a greater priority for many businesses. It means recovering debt and […]… Continue Reading
