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Business Rates and Late Payments — What Small Businesses Are Looking for from the Next Government

It’s only a few weeks until the election and, whoever ends up forming the next government, most of us have hopes about what their policies will be. Small business owners are no exception, and the Federation of Small Businesses (FSB) has released the results of a poll of its members. This suggests strongly what small business owners are looking for from the next government. Cracking Down on Late Payments Late pa
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How Do People See the Work of Enforcement Officers?

Traditionally, people have always been terrified of “the bailiffs”. They’ve been seen as people who can descend on you and use strong-arm tactics to seize your property and leave you destitute. That’s a very Dickensian picture, and while it may have once been true, enforcement officers (as they’re more correctly called) are carefully regulated today. And a recent survey showed that 83% o
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Buy Now Pay Later — An Opportunity or a Trap?

In difficult times like these, resorting to Buy Now Pay Later (BNPL) can seem like a lifesaver. Used carefully and with full understanding, it can be a good way of spreading costs for items you can’t immediately afford. The problem is that many consumers don’t fully understand the terms and, as recent research by TotallyMoney shows, repayments can very quickly build up. What Is Buy Now Pay Later? BNPL is
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Are You Ready for the Changes in Employment Law?

If you employ people in your business, you already have plenty of things to remember for their terms of employment. Well, since 6th April there are two more — and not being ready for them could land you in trouble. Changes to Flexible Working Rules The Covid lockdown finally put paid to the already dying traditional model of working, where everyone came into a workplace and stayed from nine till five. Depending on th
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Nervous Times Ahead for Small Businesses

Recent economic news seems to have been an improvement on last year, with inflation and interest rates holding steady. Two recent surveys by Novuna Business Finance, however, show that small business owners are still having sleepless nights about their position — and many fear that they may have to close within the year. Concerns Affecting Small Businesses 75% of small business owners have said that worries about the
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Small Businesses Are Confident About 2024

The Federation of Small Businesses reported that, for the 4th quarter of 2023, 40% of small businesses reported a fall in revenue, and confidence had also plummeted. Which makes it more surprising that, according to research by three separate organisations, optimism is high among small businesses for 2024. Expectations for Growth in Turnover In a recent poll by lender Iwoca, 47% of small businesses were expecting an
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Are IVAs Being Mis-sold? The Insolvency Service Investigates

An IVA (individual voluntary agreement) can be an invaluable resource for any individual person facing mounting debt. It offers the chance to protect yourself against action by creditors, and to structure repayments in an affordable way. However, like any financial product, there’s the potential for abuse. The Insolvency Service has announced that it’s investigating whether IVAs are being mis-sold. What i
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Risks of Debt Among Financially Vulnerable People

The cost-of-living crisis is hitting us all, to some extent, but it’s hardly a surprise that the worst hit are the most financially vulnerable people. For many, the only way out seems to be taking on debt, which can lead them into a debt spiral it’s hard to break — and this is especially a risk over Christmas. Debt Patterns in 2023 Recent figures show that, on average, 22% of people in the UK have fallen
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Director’s Loan Account — What Happens if the Company Is Liquidated

In my last post, I talked about the effect of liquidation on a company’s directors, mentioning that one potential problem arises if a director has a Director’s Loan Account with the company. So, what exactly is a Director’s Loan Account, and what are the dangers if the company is liquidated? What Is a Director’s Loan Account? A director is entitled to draw funds from the company as a loan, and
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Do You Need to Pay HMRC First if You’re Insolvent?

If a company enters into any form of insolvency, whether it’s a company voluntary arrangement, a pre-pack administration or a restructuring plan, it’s likely that one of the major creditors will be HMRC. It’s often believed that any taxes owed have to be paid first, before any other debts have to be considered. However, the situation is far from simple. Some recent cases have supported HMRC’s claims, while others hav
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