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SMEs

Infringement of Patents and Intellectual Property

If you own a company, it’s likely that you also own patents or intellectual properties. These can be valuable assets, and violation could result in someone taking profits that are legally yours, so it’s important to be vigilant for any infringement of your rights. A patent, as long as it’s renewed annually, restricts commercial exploitation of an invention to the holder or anyone they’ve licenced. Even if you’re the
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Bad Debt — Don’t Be Part of the Statistics

You’d think that getting paid for work or sales would be at the top of the priority list for any company. It seems, though, that many SMEs are only too willing to write off any debt that presents difficulties. SMEs and Bad Debt Although they don’t get media coverage like the giants, SMEs are the lifeblood of UK business. Government research last year showed that more than 99% of the country’s businesses are SMEs, 1.3
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LEGAL AID – WHAT DOES GOVERNMENT POLICY MEAN FOR DEBT CASES?

Earlier this year, Justice Secretary Michael Gove announced that planned cuts to the legal aid system were to be shelved. This was some relief to both the legal profession and to people facing substantial bills for court cases, but it didn’t reverse the swingeing cuts brought in three years ago. What Is Legal Aid? It’s a basic principle of our legal system that justice should be available to everyone, but it usen’t t
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Financing your business: What are the alternatives?

A guide to alternative business finance Setting up a business and funding it while it takes its first, unsteady steps in the world can be an expensive proposition. As it grows and becomes more resilient, a successful company will begin to be able to stand tall on its own 2 feet, but the initial infancy can be resource intensive. Traditionally, a business in need of finance walked into a bank and asked for it. Today,
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Meet the permanent non-borrowers

Meet the permanent non-borrowers. They’re the businesses that won’t be borrowing money from external sources, such as the high street banks, to expand. You might argue that it’s one of the longer-lasting effects of the global crash. Whatever the cause, a majority of small and medium-sized enterprises now meet the definition of permanent non-borrowers (PNBs), according to the recently published BDRC Continental SME Fi
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When should debt become a legal matter?

There comes a time, when dealing with unpaid accounts from a client, when a business has to consider taking legal action to recover the debt. If you have a longstanding legal relationship with a firm of solicitors, they can probably advise you when that point has been reached. But for most small firms, there is a balancing act to be performed. Luckily, going legal does not necessarily mean launching court action. As
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A tax on justice for small firms trying to recover debts

The government’s enthusiasm for making public spending savings has resulted in an accusation from the Law Society, the body representing solicitors, that proposed increases in some court fees of up to 600% amount to ‘selling justice’. The proposals from the Ministry of Justice, reports CCR Magazine, mean that fees for claims from £1 to £9,999 are unchanged; from £10,000 to £199,999 are 5% of the claim; and are fixed
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PayPal offers working capital to UK businesses

All the evidence is that small- and medium-sized companies are still finding it hard to borrow from the traditional source of business capital, the banks, to expand. Now, one of the few global internet businesses that encourages small firms, rather than trying to obliterate or buy up all the competition, has come up with an alternative source of cash. So often, the business plan for digital firms involves emulating A
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Late payments impose a £40bn burden on SMEs

If I told you that small and medium-sized companies were owed nearly £40 billion as a result of late payments, I think you’d be rightly shocked. But the figure of £39.4 billion comes from the latest research by BACS Payment Schemes, the direct debit company. Such is the scale of the debt burden on SMEs, up from £30bn last year, 60% told BACS they were experiencing late payments with the average company waiting for £3
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£55bn in late payments shows why SMEs need credit checking

Blink and you can miss a telling statistic. In this case, it’s a figure published by Sage Pay in January. The payment service provider found that small and medium sized enterprises in the UK are owed more than £55 billion in unpaid or outstanding invoices. That’s a truly shock statistic alongside the finding that 67% of SMEs use paper invoices and spend the equivalent of two weeks a year chasing unpaid invoices. For
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