Top Service News
HMRC Coming Down Hard on Unpaid Tax Debts
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New data from Mazars, the international tax firm, shows that HMRC tried to shut down 440 limited companies in the last quarter of 2022 over unpaid tax debts, a 46% increase from the 301 that it tried to close the previous quarter. Michael Pallott, Partner at Mazars, says that the number of winding-up petitions can […]… Continue Reading
National Insolvency Report: Monthly Statistics February 2023
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National Insolvency figures published (14 February 2023) by the Government’s Insolvency Service have indicated that the number of registered company insolvencies in January 2023 was 1,671: 7% higher than in the same month in the previous year (1,567 in January 2022), and 11% higher than the number registered three years previously (pre-pandemic; 1,502 in January 2020). There were […]… Continue Reading
Business lending predicted to contract
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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
Cash is getting harder to collect. What can I do to improve my DSO?
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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
SME business confidence falling
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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
Business Insolvencies Round-up 2022
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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
Company insolvencies up 30% in the last Quarter of 2022
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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 Report: Monthly Statistics January 2023
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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
Government Support For Developers
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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