Business news 5 December 2023

James Salmon, Operations Director.

Financing difficulties remain for small firms. Furlough schemes, PMI’s, Oil, homeowners, Black Friday, Sterling, Equity ownership, new visa rules, tax receipts, insolvencies & more business news that we thought would interest our members.

Financing difficulties remain for small firms

SMEs continue to face funding difficulties, with new research suggesting a growing number of small businesses have never secured external funding. According to a survey conducted by alternative lender Thincats, 75% of small businesses have yet to receive external funding, compared to 38% of medium-sized businesses.

Laura Timm, FSB London policy chair, said: “Small businesses have difficulty acquiring finance for a variety of reasons. Traditional bank loans, despite being commonly associated with small business finance, are considered the second-most difficult to acquire, ahead of only equity. The primary reason for difficulties accessing different forms of finance is due to application processes being too long and the inability to speak to anyone about the process itself and the application requiring information the individual could not access.”

If your business is experiencing financing difficulties, talk to CPA about of unique LPC service which has been unlocking a hidden form of capital for B2B businesses.

And if you are not a subscriber, talk to us about how are members are able to speed up payments to bring cash into the business.

Just call Peter Uwins, CPA’s National Sales Manager, on 020 8846 0000 (business hours) or email today.

When you see your money come in, you will be so glad you used CPA.

Furlough schemes left people less willing to work

Generous state handouts during the pandemic have left people less willing to work, according to a study by the Bank of International Settlements (BIS). The UK, the US and Canada were cited as examples where tens of billions spent supporting workers had elicited a change in attitude towards work, namely an unwillingness to work longer hours. Surveys by the BIS found people want to work fewer hours, employees are taking more sick leave and more people are deciding to retire early. The Telegraph says the BIS research is the clearest warning yet that the pandemic spending spree may have done lasting damage to economies and fuelled the inflation crisis.

Breaking PMI news

CIPS and S&P Global release composite purchasing managers’ index for UK in November came in at 50.7 compared to the flash reading of 50.1.


Oil prices barely moved in response to confirmation from Saudi that the OPEC+ production cuts of 2 million barrels a day could continue past the first quarter of next year.

NS finds homeowners hit hardest by cost of living crisis

New figures from the Office for National Statistics (ONS) show homeowners have been the worst affected by the cost of living crisis due to the rise in mortgage interest costs over the past year. The ONS has developed a new measure of inflation called the “Household Costs Index” which shows mortgagors are facing a 9.3% inflation rate – compared to 7.2% for renters and 8.2% across households overall. This compares with the official inflation rate of 6.7%. The ONS also found households are spending an extra £5.1bn per quarter on food compared to late 2021, but are receiving almost 6% less for their money.

Black Friday boosts retail sales by just 2.7%

Retail sales for November rose by just 2.7% compared with a 4.2% surge at the same time last year. Black Friday failed to boost UK retail spending as significantly as in 2022, with consumers sticking to budget plans for Christmas. According to the British Retail Consortium (BRC)-KPMG Retail Sales Monitor, total UK retail sales increased by just 2.7% in November, a significant weakening compared to last year. Food and drink, health, personal care, and beauty products drove growth, while jewellery and watches saw a decline in sales. Retailers are hoping for a last-minute surge in December to deliver an affordable Christmas for customers. However, rising costs and new regulations will limit their ability to lower prices. “With two of the three months of the crucial golden quarter seeing sales growth below 3%, it has already been a weak Christmas trading period,” said Paul Martin, UK head of retail at KPMG.

Chancellor pushes back against dour outlook

Jeremy Hunt has likened the woes facing the UK economy to a sprained ankle rather than a broken leg as he tried to assure an audience on Monday that measures in his Autumn Statement would help to boost growth. Speaking at a conference hosted by the Resolution Foundation, the Chancellor insisted the tax cuts he recently announced would help increase investment. His comments came as S&P Global warned that the UK will perform worse than any other major economy next year as inflation remains higher than Europe or the US. S&P downgraded its expectations for growth in 2024 to 0.4%, down by 0.1 percentage points on its previous forecast.


Yesterday, Sterling was lower at US$1.2611 on profit taking and suggestions the PM is considering further tax cuts prior to the next election.

Thames Water

Thames Water has said that reviving the business will “take time” as it struggles to improve services while coping with billions of debts.


Barclays stock price fell almost 5% after Qatar’s wealth fund revealed it was selling about 50% of its holding.

Foreign ownership of UK-listed firms hits record high

The ownership of UK-listed shares by British pension funds and insurers has fallen to its lowest level since records began. The proportion of the overall London share market owned by those institutions had fallen to 4.2% by the end of last year, from 4.3% in 2020. That compares with 45.7% in 1997 and a high point of 52.1% in 1990. The Office for National Statistics said decline might be down to expectations of higher returns from foreign shares and accounting rule changes made in 2000. The figures will be seen as adding urgency to the Chancellor’s Mansion House reforms and other efforts to push British institutions into allocating more cash to productive investments in the UK.

UK introduces tougher visa rules

The Home Secretary has announced a five-point plan to curb immigration, including a rise in the minimum salary needed for skilled overseas workers from £26,200 to £38,700. James Cleverly claimed the move would cut the number coming to the UK by 300,000. On top of the new salary requirements, the Government said it would ban health and care workers from bringing family dependants to the UK; end companies being able to pay workers 20% less than the going rate for jobs on a shortage occupation list; increase the annual charge foreign workers pay to use the NHS from £624 to £1,035, and raise the minimum income for family visas to £38,700 from £26,200, from next spring. Some employers said the package could raise costs and worsen labour shortages, while unions attacked the curbs on family members.

Top 0.3% of taxpayers pay 24% of all income and CGT

Data obtained by retail investment firm Wealth Club reveals that Britain’s top 100,000 taxpayers paid almost a quarter (24%) of all income and capital gains tax in 2021/22. They shouldered an average income and capital gains bill of £559,000 each, up 18% from the year before. Meanwhile, the top 100 taxpayers paid an average of £46m each in income and capital gains tax, up 14% from the previous year. Wealth Club said the overall income and capital gains tax take from the top 100,000 had risen by 45% in five years. Alex Davies, the founder of Wealth Club, issued a warning to politicians thinking of raising taxes on high earners: “The wealthy are a mobile bunch. If the top 100 taxpayers up sticks and move to sunnier tax climates, that would be £4.6bn less in tax receipts. If the top 1,000 taxpayers migrated out of the UK, that figure would rise to £11.5bn, leaving a massive gap in the country’s finances.”

UK’s biggest firms responsible for 10% of all receipts

The UK’s largest listed firms saw their overall tax contribution increase to £89.8bn in the last financial year, equivalent to 10% of total government receipts. New analysis by PwC showed that taxes directly borne by these companies rose by 9.9% to £29.1bn. The increase in the total tax contribution was driven by higher employment taxes and the energy profits levy. Despite the higher tax bill, capital investment from the top 100 firms remained above £25bn. The 100 Group, which employed 1.8m people, paid an average of just over £40,000 per annum to each employee. The concentration of tax contributions from both businesses and individuals makes the UK vulnerable to the departure of high-value taxpayers, says John O’Connell, chief executive of the TaxPayers’ Alliance. Ministers should work towards creating a simpler and more competitive tax regime to prevent an exodus of big contributors, he adds.

Landlords rush to sell before tax breaks halved

Landlords in the UK are rushing to sell their properties before tax breaks on investment profits are cut in half. The annual capital gains tax allowance is falling to £3,000 at the start of the new tax year, down from £6,000 this year. Higher mortgage rates and punitive property taxes are wiping out potential profits for landlords, leading to an “avalanche of landlords selling” in the coming year. Property investors in the higher-rate tax bracket pay 28% on any capital gains they make outside of the allowance when they sell a home. This presents an opportunity for first-time buyers to purchase properties at reduced prices. The tax changes will also affect investors selling shares, who will be forced to pay more. Experts advise investors to act quickly to avoid missing out on potential gains.

Latest Insolvencies

Appointment of Liquidators – JDW MALTA LIMITED
Appointment of Liquidators – MAKING THINGS FOR OTHERS LIMITED
Petitions to wind up (Companies) – JSH CONTRACTS LIMITED
Appointment of Liquidators – DEVERON LIMITED
Appointment of Liquidators – CARPENTERS(AUTOS)LIMITED
Appointment of Liquidators – HAMILTON STAR SOLUTIONS LTD
Appointment of Liquidators – CARE UNLIMITED PROPERTIES LTD
Appointment of Liquidators – J.E.M. LEGAL SERVICES LTD
Appointment of Liquidators – HUDDERSFIELD CENTRAL LIMITED
Appointment of Administrator – LIMITLESS TECHNOLOGY LTD
Appointment of Liquidators – C & SKYE LTD
Appointment of Liquidators – RPWD LIMITED
Appointment of Liquidators – 265 RICHMOND ROAD LIMITED
Petitions to wind up (Companies) – FORT ENGINEERING LTD
Appointment of Liquidators – CYBERAGILITY LTD
Appointment of Liquidators – KINNAIRD CAPITAL LIMITED
Petitions to wind up (Companies) – YTS (YORKSHIRE) LIMITED
Appointment of Liquidators – PSYCHOLOGICAL PROFILES LTD
Petitions to wind up (Companies) – CJH AGGREGATE LTD
Petitions to wind up (Companies) – BROWNS BUILDING SERVICES NW LTD
Appointment of Liquidators – JMMC 2000 LTD
Appointment of Liquidators – THE FIFTH BUSINESS (SCOTLAND) LIMITED
Petitions to wind up (Companies) – 7 HOSPITALITY (UK) LIMITED
Appointment of Liquidators – TITANIUM SHELF 105 LIMITED
Appointment of Administrator – ITECCO LIMITED
Petitions to wind up (Companies) – SG DONALDSON SERVICES LTD
Appointment of Liquidators – P MARSTON CONSULTING LIMITED
Appointment of Liquidators – WILLIAMSON MEDICAL LTD
Appointment of Liquidators – CARE UNLIMITED GROUP LTD
Appointment of Administrator – NATIONAL COMMUNITY HOMES CIC
Appointment of Liquidators – KC LOGISTICS LTD.
Appointment of Liquidators – BP EXPLORATION CHINA LIMITED
Appointment of Liquidators – WEASEL CONSULTING LIMITED
Appointment of Liquidators – SWIFT RESCUE LIMITED
Appointment of Administrator – RATIONAL GROUP LIMITED
Appointment of Administrator – WILLS & WILLS LTD
Appointment of Liquidators – PLYSIM LTD.
Appointment of Liquidators – 1859 PIER CAFE & BISTRO LTD
Appointment of Liquidators – M.A. LLOYD LIMITED
Petitions to wind up (Companies) – LOVE IS LINGERIE LTD
Petitions to wind up (Companies) – DANNII MATTHEWS LIMITED
Appointment of Administrator – SANUKI LIMITED
Petitions to wind up (Companies) – DISCOVER INVESTMENTS LTD
Petitions to wind up (Companies) – PROLIFIC MANAGEMENT LIMITED
Appointment of Liquidators – SCOTTS PROPERTIES (IPSWICH) LIMITED
Winding up Order (Companies) – FUSION DRAINAGE 24/7 LIMITED
Appointment of Administrator – LLOYDS DEVELOPMENTS LLP
Appointment of Liquidators – PEJ (BRISTOL) LTD
Appointment of Liquidators – SOLARIO HOMES LIMITED
Appointment of Administrator – CAMPBELL AND GREEN LIMITED
Appointment of Liquidators – ENDEAVOUR CORPORATE LTD
Appointment of Liquidators – DTRMS LTD
Appointment of Liquidators – ALBAN AVIATION LTD

Why should you become a CPA member!

The Credit Protection Association (CPA) has been assisting thousands of UK businesses to get paid, since 1914. We have seen many financial crises, this one will be particularly deadly for suppliers for some time to come.

CPA eases cash from tardy debtors – Efficiently, Effectively, Economically and Ethically. And we provide credit information so you can monitor and assess your key customers.

Unlike other credit management companies, we offer our members a fixed annual subscription regardless of how high the debt value maybe!

Just call Peter Uwins, CPA’s National Sales Manager, on 020 8846 0000 (business hours) or email today.

When you see your money come in, you will be so glad you used CPA.

The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections


Do you have a commercial late payer that is causing you grief? Use CPA’s no-win, no-fee, commercial debt recovery service!

If you have a particular business customer who is late paying and causing you sleepless nights, why not offer it to CPA for purchase on recourse?

CPA’s collection department will then pursue the debt. We will be liable for any costs incurred and then when we have recovered the debt, we will pay you the net principle debt recovered less our percentage.

Once you have enjoyed that success then you can consider the more cost effective membership which includes our Overdue Account Recovery service and Status/Credit reports as well as a range of other complimentary services.

Just call  020 8846 0000 and ask for Godfrey Nelson or Cris Shirley (business hours) or email today.

The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.


Get compensated for previous late payments

Have you been paid late by business customers in the last six years?

Maybe you no longer work with them. Under legislation, you are entitled to  compensation you for those late payments you have suffered.

You put up with the PAIN – now claim the GAIN!

Claim late payment compensation (LPC) from former business customers who paid you late in the last six years!

CPA (LPC) Recoveries is using our bespoke software and decades of experience to do just that for our clients

Check our compensation calculator to see how much your business could be owed!

Discover NOW the potential value of late payment compensation hidden in your sales ledger!

The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.