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Mitigating VAT impact on private schools: Preparing for change
During school conferences last year, the potential tax exemptions for private schools were a heavily discussed topic. The Labour Party has announced that if they take office at the next election, they will remove several tax exemptions from these schools and impose a 20% VAT on private school fees. What does…
VIEWA look back at debt collection in 2023
2023 has been a challenging year for many. Just as businesses were recovering from the COVID-19 pandemic, along came more economic pressures, with costs spiralling, interest rates rising and consumer demand slowing. It’s against this backdrop that we’ve seen some interesting developments and trends in debt collection during the past…
VIEWLate payment is a persistent problem for SMEs
Late payment by debtors is a bugbear for any business. However, for small and medium sized enterprises (SMEs) it can be a critical issue, putting severe pressure on cash flow and threatening financial stability. UKDCN recently highlighted the seriousness of the late payment epidemic across the UK. That being said,…
VIEWSolving debt collection issues in recruitment
The recruitment sector is a huge part of the UK’s economy. According to the Recruitment and Employment Confederation, the industry’s direct gross value added (GVA) contribution amounted to an estimated £41.3 billion in 2022. However, the sector is facing a growing challenge. Recruitment businesses across the UK are experiencing late payment…
VIEWJargon busting in debt collection
In the first of a series of jargon-busting blogs, we share simple, no-nonsense explanations for some of the common buzzwords, legal terms and acronyms that you may encounter when dealing with debtors, debt collection agencies and the courts. Creditor and debtor We’ll kick off with a relatively simple one. A creditor is…
VIEWHow do you start the new tax year in the best shape for debt recovery?
We’re all guilty of making new year resolutions that we’re unlikely to keep. However, when it’s a new financial year, making yourself a promise to tidy up those loose ends in your accounts and address any systematic issues can be vital to the future success of your business. It’s not just…
VIEWHow do you maximise debt recovery in a recession?
GDP was negative in the second two quarters of 2023, taking the UK economy into recession. Although there are signs that the recession will be shallow, real growth in the economy is expected to be low for some time. There’s no doubt that an economic downturn increases risks for creditors. Businesses…
VIEWHow does debt collection work? A step-by-step guide
Our process is designed to help our clients recover what they are owed while keeping them informed and in control throughout the process.Step 1 – Assessment Firstly, we’ll assess your needs. For example, if your debtor has gone AWOL, we can look into tracing them for you, using state-of-the-art software to…
VIEWHow long does an old invoice remain valid? What you need to know
Maybe you've just discovered an old invoice that slipped through the cracks, or maybe you've been chasing down a customer who seems to have completely disappeared. Either way, you're probably wondering, how long can I keep chasing after this money? The short answer is for most debts, that limit is 6…
VIEWWhat evidence do I need if someone owes me money?
Whether it’s a company or an individual that owes you money, knowing what evidence you need is the first step towards a resolution. If your debtor is an individual First and foremost, you’ll need proof of the debt. This could be in the form of an overdue invoice or a contract…
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