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Responses for the Small Business Commissioner consultation were published last week, with regards to how the SBC could aid small businesses throughout the UK to resolve poor payment practices, including late payment in small business, that has plagued UK businesses. How can the SBC Help in Tackling Late Payment in Small Business? The government report […]
It was announced in January that there would be a significant hike in the insolvency threshold of individuals*, and with the changes set to take place in October it is highly advisable for companies to be prepared for the implications of this on their business. The threshold for the amount of debt an individual can […]
Your Credit Management function is vital to your business to maintain positive cash flow and reduce the risk of bad debt. Read below, our guide to 10 facts about Credit Management your business needs to know for the benefit of your cash flow. 1. Late payment accounts for £32.4bn owed to SMEs, according to BACs research […]
After the Budget 2015 failed to mention plans for the issue of late payments amongst UK businesses, small businesses were finally given an update of the Government plans to tackle the issue on Sunday 26th July, with the announcement of a Small Business Commissioner to aid in tackling disputes and unfair practices. This is a […]
Taking legal action to retrieve unpaid debts for your business may very soon become even more difficult under Government proposals to close 91 courts and tribunals in England and Wales, including 19 county courts, in what Justice Secretary Michael Gove has labelled reducing ‘surplus capacity’.* This proposal comes alongside another announcement from the Ministry of […]
With the 2015 General Election nearly upon us we thought we’d take a look at the policies each Party has proposed to tackle late payment in business. Late payment is an enormous issue facing businesses, with BACs stating £32.4 billion is owed to SMEs in figures released February 2015.* Whilst this figure is down from January […]
A survey, carried out by the FSB (Federation of Small Businesses), revealed that ‘only 1 in 10 FSB members have charged interest on overdue payments because of their fear of losing business’.* To everyone at CMG UK this statistic is worrying, in large part due to our knowledge of the simple measures that can be […]
A significant increase in court fees, it has been said, may have detrimental impacts for small firms wanting to recover their unpaid debts through the small claims system. The new fees went into effect on the 9th March 2015; roughly translating as 5% of the value of the debt and are an astounding 600% increase, […]
Members of the Merseyside and North Wales Branch of a National business organisation are today celebrating a Royal accolade. The Institute of Credit Management (ICM), which has its regional branch in Merseyside and North Wales, has been granted a Royal Charter, confirming its position as the recognised standard in credit management, keeping the cash flowing […]
A report from Bacs suggests that late payments equated to £39.4 billion across SMEs in January 2014, a figure that Director of CMG UK Jenny Esau finds shocking in its magnitude. Even more perplexing to Jenny is the extent of this issue in comparison to the simple measures that can be taken towards resolving this […]