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The cost of living crisis is hitting people in a wide variety of ways, and recent research has illustrated another. In the twelve months since January 2022, the number of people seeking help with their debts has increased more than threefold — and most cite rising prices as the main reason. The Rise in Debt Enquiries A survey was carried out by debt advisor MoneyPlus Advice, after they saw initial enquiries rise by 3

During 2022, a combination of soaring prices (especially energy prices) and income lagging behind pushed the economy into recession. The bad news is that, according to forecasts by KPMG, the recession is likely to last for the rest of 2023, with output falling by 1.9%. So why are things so bad, and what’s it likely to mean for you and your business? What’s Causing the Recession? The main driving force of the recessio

While more traditional insolvency procedures — e.g. Company Voluntary Arrangements (CVA), “pre-pack” Administrations and Schemes of Arrangements — are sometimes the best way forward, they can have disadvantages. Winding a company up isn’t always in the best interests of the creditors, any more than the debtor, but there has often been little choice. However, in 2020 a new approach was introduced — Restructuring Plans

UK businesses are facing a wide range of challenges at the moment, but one of the leading issues is disruption to supply chains. Whether this is caused by the ongoing effects of the Covid 19 pandemic, the problems arising from Brexit or the war in Ukraine, either you or one of your suppliers might be running into serious difficulties. So how can you balance the need to nurture your business partners with the importan

SMEs have faced multiple challenges for the past two years, but they might be forgiven for looking forward to better times, now all the lockdowns are behind us. Instead, a recent report shows that the cost of living crisis is creating a situation where more than two million SMEs are only just managing to break even. Why the Crisis? Many SMEs had a difficult time during the pandemic, but conditions haven’t impro

You have a lot on your plate as a business owner, and keeping your accounts up to date might seem like something that can be put off till you have more time. This is unwise, even if nothing goes wrong, but there are circumstances when getting caught with your accounts undone could lead to disqualification as a Director. The Case of Mitchell Smith The government has recently announced the disqualification of Mitchell

It’s obvious to everyone now that we’re heading into recession. Energy and fuel costs spiralling and food prices rising are going to affect everyone on a personal level, but they could also have a knock-on effect on your business. Are you in a position to get through this? What’s Happening to the Economy? A number of factors have combined to create shortages (and therefore rising prices) across the

Overdue payments are a fact of life in business, and unfortunately the situation only looks like getting worse. High inflation is going to squeeze everyone’s cashflow, and even if your customers are trying their best to keep up payments, they might be chasing bad debts themselves. So what strategies are available to you, if you want to chase money owed to you? Using Your Customer Relations When you have a probl

Contracts come in many different types. A contract can be a document to rival War and Peace in length and complexity, or it can be little more than a handshake. However, it’s a contract if it amounts to a provable agreement of how business is going to be conducted between two parties. So do you really need something formal, when an informal agreement serves the same purpose? What Is a Contract A contract is a l

Official inflation figures have just been released for December, and it won’t be a surprise to many people that the news is bad. The figure is 5.4% — the highest inflation since March 1992. This is clearly bad news for consumers, especially those on low income, but what is it likely to mean for your business? Inflation Squeezing Household Spending Much of the recent inflation, the highest this century, is obvio