We are delighted to announce that Top Service Ltd has been awarded the Gold Award under the newly launched Fair Payment Code, introduced by the Small Business Commissioner in January. As a company committed to supporting fair payment practices in the construction sector, we applied for the award on the day of its launch and […]… Continue Reading
The latest data on company insolvencies for January 2025 reveals a continuing trend of high insolvency numbers, despite a slight decrease from the record levels of 2023. The construction industry has been particularly affected, continuing to report the highest number of insolvencies across all sectors. Below is a detailed analysis of the insolvency landscape, with […]… Continue Reading
HMRC interest rates for late payments will be revised following the Bank of England interest rate cut to 4.5%. The Bank of England Monetary Policy Committee announced on 6 February 2025 to reduce the Bank of England base rate to 4.5% from 4.75%. HMRC interest rates are linked to the Bank of England base rate. As […]… Continue Reading
The Bank of England’s recent decision to cut the base interest rate from 4.75% to 4.5% in February 2025 aims to stimulate economic activity amid concerns over stagnation. This move is expected to have several implications for the UK construction industry. Positive Impacts: Challenges and Considerations: In summary, the recent interest rate reduction by the […]… Continue Reading
We had the absolute pleasure of attending the Chartered Institute of Credit Management (CICM) Credit Awards, and what a night it was! The highlight? Emma Reilly FCICM being awarded Credit Professional of the Year! A truly well-deserved recognition for Emma’s dedication, expertise, and outstanding contributions to the credit industry. Watch with us as she takes […]… Continue Reading
Late payments and bad debt are significant challenges in the construction industry. Spotting high-risk clients early can save your business time, money, and unnecessary stress. This guide provides actionable steps to help you identify potential risks before they become costly problems. 1. Analyse Payment Histories Understanding a customer’s payment behavior is a critical first step. […]… Continue Reading
Late payments are a persistent challenge in the construction industry, often causing cash flow issues, project delays, and stress. By implementing proactive measures, you can help to safeguard your business and have a much better opportunity to see more timely payments from your clients. This guide offers practical tips to help you minimise the risk […]… Continue Reading
Every business wants to get paid on time, but turning that goal into reality can be challenging. That’s where we can help. Watch our latest video featuring Lauren Woolley and our Non-Executive Director Philip King FCICM for expert advice on keeping cash flow healthy and reducing overdue invoices. Here’s a sneak peek at what you’ll […]… Continue Reading
As we kick off 2025, we know it’s not always the easiest time of year for businesses. With slower payments and the knock-on effects of recent industry challenges, staying on top of cash flow is more important than ever. In this video, our CEO, Emma shares some helpful tips to support you and your teams, […]… Continue Reading
The UK construction industry, a key sector often impacted by economic shifts, faced unique insolvency challenges in 2024. Construction consistently records one of the highest insolvency rates among industries due to factors like project delays, cost inflation, and reliance on credit. 2024 Highlights for Construction Insolvencies: Comparative Insights: Looking Ahead: While broader insolvency trends show […]… Continue Reading
