Business news 8 December 2023
James Salmon, Operations Director.
Wave of redundancies triggers surge in job seekers. Small businesses to receive extra protections for energy bill complaints. And more business news that we thought would interest our members.
Wave of redundancies triggers surge in job seekers
A wave of redundancies has led to a significant increase in job seekers, with the number of people looking for work rising for the ninth consecutive month in November. The latest report on jobs by KPMG and REC reveals that hiring has declined, with permanent staff placements dropping for the 14th consecutive month. Advertised vacancies have also fallen, impacting starting salaries. The construction sector experienced the fastest decline in demand for permanent staff, and London’s permanent hiring index was particularly low. Employers are expected to delay hiring until next year due to uncertain UK economic growth. “Employers are reining in hiring and continuing with redundancies in response to the sustained economic slowdown,” says Clare Warnes, partner in skills and productivity at KPMG UK.
Small businesses to receive extra protections for energy bill complaints
Small businesses with fewer than 50 employees will now be able to complain about their energy supplier to the ombudsman, saving them money on legal fees. Previously, only micro businesses with fewer than 10 employees were allowed to take complaints to the ombudsman. The changes, proposed by Ofgem and the Government, aim to provide better support and service for businesses dealing with energy suppliers. The expansion of the Energy Ombudsman’s reach will cover an additional 200,000 businesses, allowing them to access free, impartial advice and resolve issues without going to court. The proposals also include new standards of conduct for energy suppliers and clearer disclosure of the cost of using an energy broker.
Hodge calls for public registers to tackle “dirty money” in offshore havens
Britain will remain the global centre of “dirty money” unless ministers revive stalled plans for public registers of who owns companies based in offshore havens such as the British Virgin Islands (BVIs) and Jersey, according to campaigners and senior MPs. The veteran anti-corruption campaigner Dame Margaret Hodge MP called it a “matter of national security” to eliminate the secrecy offered by the overseas territories and crown dependencies. Hodge urged the Government to issue an “order in council” to compel compliance and suggested that crown dependencies could be forced to follow suit. Jersey, Guernsey, and the Isle of Man were criticised for reneging on their promise to introduce public registers. Hodge emphasised that an “epidemic of tax avoidance, tax evasion, and economic crime flourishes in an environment of secrecy.”
Fake Airplane Parts
The Serious Fraud Office arrested Jose Alejandro Zamora Yrala, director of AOG Technics Ltd, the company implicated in the global fake airplane part scandal in a dawn action at his home address on the outskirts of London on Wednesday. He was arrested for suspected fraud. AOG is alleged to have sold parts backed by false documents to fix jet engines around the globe. It has been in business since 2015 and allegedly sold parts both overseas and to UK airlines.
Apple
Steve Hotelling, the senior Apple Inc. executive who oversaw touch-screen technology, health sensors and the company’s Face ID interface is reportedly retiring from the company.
Warning over minimum wage increase
British retail and hospitality bosses have warned prices may rise after Chancellor Jeremy Hunt’s move to increase the minimum wage for almost 3 million people.
Britons look to America to escape high taxes
Increasing numbers of wealthy Britons are reportedly preparing to move to America to escape high taxes, the Telegraph reports. Florida, Alaska, Wyoming, Texas, South Dakota, Nevada, and New Hampshire are among the US states with tax-friendly environments. Florida, for example, has no capital gains, inheritance, or estate taxes. However, it is important to consider local taxes and other factors such as health insurance before making the move.
HMRC’s robots are coming
Harvey Jones reports in the Express on how the tax office’s supercomputer, HMRC Connect, will soon have even more powers of surveillance with the incorporation of machine learning artificial intelligence (AI) technology into its systems. Jones says: “I think it’s worth knowing what you’re up against in HMRC . It’s a little bit frightening, to be honest. And its robots are only just starting to show their teeth.”
Treasury under fire for lack of progress on post-Brexit reforms
The chair of the Commons Treasury select committee has accused the Government of exaggerating its progress on reforming City rules and urged new City minister Bim Afolami to speed up progress. Following a formal review into the Edinburgh reforms launched a year ago, the committee said: “From what has been completed so far, the subcommittee is of the view that none of the achievements to date will make a substantial difference to the UK economy.”
House prices rise 0.5% in November
House prices rose by 0.5% last month, according to the Halifax, the second increase in a row as lower mortgage rates boosted buyer confidence amid a shortage of sellers. Economists had forecast a rise of 0.3% after October’s 1.2% increase. The price of a typical home increased by £1,300 in the month to £283,615, just 1% below where they were this time last year. Kim Kinnaird, of Halifax, said: “The resilience seen in house prices during 2023 continues to be underpinned by a shortage of properties available, rather than any significant strengthening of buyer demand.” She added: “With mortgage rates starting to ease slightly, this may be leading to increased buyer confidence, seeing people more inclined to push ahead with their home purchases.”
Banks and building societies to assess gaps in access to cash
Banks and building societies in Britain will be required to assess gaps in access to cash under new rules proposed by the Financial Conduct Authority (FCA). The assessments will consider local factors such as demographics and transport. If gaps in access to cash are identified, banks and building societies will have to address them. The FCA expects to finalise the rules by summer 2024. “We know that, while there is an increasing shift to digital payments, over 3m still rely on cash – particularly people who may be vulnerable – as well as many small businesses,” said Sheldon Mills of the FCA. Cash transactions increased 7% year-on-year to hit £6.4bn in 2022, according to a report from UK Finance. A separate study by the British Retail Consortium estimated that cash was used in 19% of transactions last year, up from 15% the previous year.
Latest Insolvencies
Appointment of Liquidators – GLENMACHRIE PROPERTIES LTD
Petitions to wind up (Companies) – M-TEK (ASSEMBLY) LTD
Petitions to wind up (Companies) – THE TEACHING FACTORY LTD
Appointment of Liquidators – MERCER STREET SECURITY SYSTEMS LIMITED
Appointment of Liquidators – MARK BROWN WEALTH MANAGEMENT LIMITED
Appointment of Liquidators – THE COMMUNICATION HUB LTD
Petitions to wind up (Companies) – D M LAUNDRY SERVICES LTD
Appointment of Liquidators – HOLLYCREST DEVELOPMENTS LIMITED
Petitions to wind up (Companies) – FINEPOINT ESTATES LTD
Petitions to wind up (Companies) – PERFORMANCE SOUND & LIGHT LTD.
Appointment of Liquidators – SHELTON FM LIMITED
Appointment of Liquidators – CPRM LIMITED
Appointment of Liquidators – SHEDALI LTD
Appointment of Liquidators – ANTHONY MCKALE LIMITED
Petitions to wind up (Companies) – WADSWORTH CARE HOMES LTD
Appointment of Liquidators – SCOTTISH AIRPORTS LIMITED
Petitions to wind up (Companies) – OFFICE X LTD
Appointment of Liquidators – TRINITY COURT SIPP OPERATOR LIMITED
Appointment of Liquidators – SCION FILMS SALE AND LEASEBACK SIXTH LLP
Petitions to wind up (Companies) – BARRINGTON CADDICK ESTATE AGENTS AND LETTINGS LTD.
Appointment of Liquidators – CENG CONSULTANTS LIMITED
Petitions to wind up (Companies) – WERECON LIMITED
Appointment of Liquidators – NJB QUARTZ LIMITED
Petitions to wind up (Companies) – PARADIGM GLOBAL EVENTS LTD
Petitions to wind up (Companies) – THE OM GROUP CORPORATION LIMITED
Appointment of Liquidators – ASSURED BRICKWORK LONDON AND KENT LIMITED
Appointment of Liquidators – INTERQUEST GROUP LIMITED
Petitions to wind up (Companies) – OCG CONTRACTORS LTD
Appointment of Liquidators – SAPPHIRE PROPERTY SERVICES LIMITED
Appointment of Liquidators – ANIMAL DREAMS (BRADFORD) LIMITED
Petitions to wind up (Companies) – HAYRE BUILDERS LIMITED
Appointment of Liquidators – DMILES LIMITED
Appointment of Liquidators – DEVED LIMITED
Appointment of Liquidators – WYC CONSULTING LTD
Petitions to wind up (Companies) – NC HOSPITALITY MANAGEMENT LTD
Appointment of Administrator – SMART GRAPHICS (UK) LTD.
Appointment of Liquidators – NORTH PROPERTIES ST ALBANS LIMITED
Petitions to wind up (Companies) – UNISONIUS CONSULTING LTD
Appointment of Liquidators – INTERQUEST FINANCIAL MARKETS LIMITED
Petitions to wind up (Companies) – BELLIAR LTD
Appointment of Liquidators – SIMPSON & CO (SAFETY CONSULTANTS) LTD
Appointment of Liquidators – ABRDN SMALLER COMPANIES INCOME TRUST PLC
Petitions to wind up (Companies) – ACE SUPPORT FM LTD
Petitions to wind up (Companies) – FOUIN & BELL ARCHITECTS LIMITED
Appointment of Liquidators – LONDON AIRPORTS 1993 LIMITED
Appointment of Liquidators – THOMAS BOND CONSULTANCY LIMITED
Petitions to wind up (Companies) – LEGAL ASSIST LTD
Appointment of Liquidators – PETRIE AND PARTNERS LTD
Petitions to wind up (Companies) – FVINARU LTD
Appointment of Liquidators – ASHRIDGE FINANCIAL MANAGEMENT LIMITED
Appointment of Liquidators – MOUSKOS LLP
Petitions to wind up (Companies) – 900 DEGREES LTD
Petitions to wind up (Companies) – FRANCIS BUILD SPECIALIST LTD
Appointment of Liquidators – YANG SOFTWARE LIMITED
Appointment of Liquidators – ROBERT BRAITHWAITE LIMITED
Appointment of Liquidators – WINDYRIDGE SOLUTIONS LIMITED
Appointment of Liquidators – METIS MANAGEMENT & CONSULTING LIMITED
Appointment of Liquidators – PCMCO LIMITED
Petitions to wind up (Companies) – APAX PROPERTY LIMITED
Petitions to wind up (Companies) – HOW BUILDERS LTD.
Appointment of Liquidators – COMPASS TOPCO LIMITED
Petitions to wind up (Companies) – THOMAS HAMMOND INTERIORS LIMITED
Petitions to wind up (Companies) – NEATH HILL AUTOS LIMITED
Appointment of Liquidators – SQUARE IT SOLUTIONS LIMITED
Petitions to wind up (Companies) – INSPIRED GARDENS LIMITED
Petitions to wind up (Companies) – PEARCE BENTLEY SECURITY LIMITED
Appointment of Liquidators – AIRPORT HOTELS GENERAL PARTNER LIMITED
Appointment of Liquidators – ANHINGA VENTURES LTD
Petitions to wind up (Companies) – JONES & BROTHERTON PLUMBING & HEATING LIMITED
Petitions to wind up (Companies) – COMFORT HEALTHCARE SERVICES UK LTD
Appointment of Administrator – PARAMOUNT LABELS & TAGS LIMITED
Petitions to wind up (Companies) – POLISH BUILDERS AND DECORATORS LIMITED
Petitions to wind up (Companies) – CITY LIGHTS PRODUCTIONS LIMITED
Appointment of Liquidators – ANN ROWE CONSULTING LIMITED
Appointment of Liquidators – PERCY HAWKINS & SON,LIMITED
Appointment of Administrator – PAINTBOX TRANSPORTATION SERVICES LIMITED
Appointment of Liquidators – NLCM SERVICES LTD
Appointment of Liquidators – SUNBURN CONTRACTS LIMITED
Appointment of Liquidators – MELANIE ALEXANDRA LTD
Winding up Order (Companies) – SWITCH CONSULTING RECRUITMENT LIMITED
Appointment of Liquidators – CRYSTAL CLEAR TRADING LTD
Petitions to wind up (Companies) – AXIOM DWFM PROPERTIES LIMITED
Appointment of Liquidators – EPS FLOORING LIMITED
Appointment of Liquidators – MUHAMED AL-DUBAISI LIMITED
Petitions to wind up (Companies) – PCA BLANKS LTD
Petitions to wind up (Companies) – MULBERRY TREE HOLDINGS LTD
Appointment of Liquidators – MASTERVIEW LIMITED
Petitions to wind up (Companies) – WAYNECORP LTD
Appointment of Liquidators – UMADOSHI LIMITED
Appointment of Liquidators – HYDRECO LIMITED
Appointment of Liquidators – ADAM GRIFFIN LTD
Appointment of Liquidators – SPAN HEALTH LIMITED
Petitions to wind up (Companies) – CAPITAL SPORTS MEDIA 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 nsm@cpa.co.uk 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 debtpurchase@cpa.co.uk 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.