An FSB poll of 1,200 small business leaders has revealed significant problems with late payment. The challenges are so serious that 11% of small firms plan to close, sell or downsize their business over the coming year, equating to more than half a million businesses.
It seems that cashflow issues are increasing because of late payment, with 61% of small businesses saying they were impacted by late payment of invoices over the first quarter of this year and 26% saying the likelihood of late payment happening is growing.
How to spot scam HMRC texts
HMRC does publish a long list of circumstances in which it will contact you by text. Its advice is simple; if you receive a text purporting to come from HMRC about something not on the list then don’t respond to it, instead report it to HMRC.
Recovery Loan Scheme
The Recovery Loan Scheme (RLS) was relaunched during August 2022 as the government aims to continue supporting recovering small businesses.
The RLS launched in April 2021 and was originally scheduled to run until 31 December 2021.
The government provided a guarantee of 80% for loans made before 1 January 2022 and 70% for loans after that date. The borrower remains 100% liable for the debt.
The scheme will be open to smaller businesses with a turnover of up to £45 million.
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