Business news 14 October 2024
Energy costs, rainy day funds, retail & hospitality, Employer NI, The Building Back Britain Commission, markets, insolvencies & more business news that we thought would interest our members.
James Salmon, Operations Director.
Energy costs surge for small firms
Small businesses in the UK are grappling with a significant rise in energy costs, with average bills projected to reach £13,264 by April 2025. This marks a 70% increase from £7,811 prior to the energy crisis. Chris Richards, a business energy analyst at Utility Saving Expert, warns that “small businesses have been disproportionately affected by these escalating energy prices,” highlighting the absence of a price cap for businesses as a critical issue. Calls for Government intervention are intensifying, while Craig Lowrey from Cornwall Insight has emphasised the need for an increase in domestic energy production to achieve long-term stability in costs.
Half of households lack rainy day fund
Analysis suggests that around 13% of households do not have a rainy day fund, while a third have just £200 set aside for an emergency. A poll from heating installation firm Boxt shows that as many as 53% of households do not have the minimum recommended savings in order to cope with unexpected costs. It is recommended that emergency funds should equate to at least three months’ take home pay, with many experts suggesting that six month’s’ salary should be set aside. The poll shows that the average emergency fund as is currently £1,983
Retail and hospitality face tax cliff edge
Experts warn that unless changes are made in the upcoming Budget, shops, pubs, and restaurants could lose 75% of their business rates relief, resulting in a £2.66bn annual increase in taxes. Currently, these sectors benefit from a 75% relief, saving them £2.41bn a year, but this is set to expire on March 31 next year. Alex Probyn, president of property tax at Altus Group, stated: “Despite the £22bn ‘black hole’ in the nation’s public finances, the Chancellor must now prevent a cliff edge for the retail, hospitality and leisure sectors.” The Government is under pressure to balance fiscal responsibility with policies that promote economic growth, especially as the number of pub closures has surged to 80 per month. Meanwhile, research from PwC found that 6,945 shops have closed so far this year in the UK, equivalent to 38 shops per day.
A hike in employer NI is further bad news for business
A Telegraph editorial warns that an increase in employer national insurance would be bad news for business. The newspaper picks up on comments by Jonathan Reynolds, the Business Secretary, who said in an interview on Sunday that raising the employer NI contribution wouldn’t directly break an election pledge because it applies to employers rather than employees. Including employer pension contributions in the NI system could raise as much as £18bn, experts have estimated. But, add this to an array of new workplace rights announced last week and you make the UK a less attractive place to invest, the piece concludes.
Economy returns to growth
Data from the Office for National Statistics (ONS) shows that the UK economy grew in August, with GDP up 0.2%. This comes after two flat months, with no growth in June and July. The ONS also estimates that the economy grew by 0.2% in the three months to August. This marks a slowdown on the 0.7% and 0.5% growth seen in Q1 and Q2, respectively. Despite the economy returning to growth, Liz McKeown, director of economic statistics at the ONS, has warned that the “broader picture” is one of “slowing growth” compared to the first half of this year. Ashley Webb of Capital Economics says the GDP data for August “lends some support to our view that a mild slowdown in growth in the second half of this year is more likely than another recession.” Suren Thiru, economics director at the ICAEW, commented: “While interest rates are still likely to fall in November, these positive figures mean it’s not quite a done deal by giving the more hawkish rate setters enough encouragement over economic conditions to hold off voting to relax policy.”
Inflation expected to fall below 2% target
Official figures due this week are expected to show that inflation has fallen below the Bank of England’s 2% target for the first time since April 2021. Analysts say consumer price inflation is likely to have fallen from 2.2% in August to 1.8% or 1.9% in September. This would bring inflation in lower that the Bank’s 2.1% forecast. Sanjay Raja, chief UK economist at Deutsche Bank, said: “After headline CPI moved sideways in August, we expect inflation to drop to a new cyclical low in September.” Inflation falling below the Bank’s 2% target will increase pressure on the Monetary Policy Committee to cut interest rates. Experts now expect policymakers to cut rates twice, rather than once, before the end of the year, taking the base rate down to 4.5%.
Businesses set out roadmap to improve productivity
Some of the UK’s most high-profile businesses have set out plans designed to increase productivity. The Building Back Britain Commission has identified five key areas for reform they say could “revive” UK productivity and boost the economy. It stressed the need for: access to healthcare services; educational standards; the quality of digital infrastructure; the availability, affordability, and quality of housing; and access to public transport. Chair Claire Ainsley, Sir Keir Starmer’s former director of policy, warned that poor productivity is the “biggest barrier to growth.” She went on to say: “The Government’s primary mission for the UK to grow its economy in places right across the country is ambitious but possible.” Craig Beaumont, executive director at the Federation of Small Businesses, said: “Empowering everyday local entrepreneurs will drive these productivity gains, in the areas with most potential.”
Microsoft boss to chair industrial strategy council
Microsoft UK CEO Clare Barclay has been appointed chair of the UK’s new Industrial Strategy Advisory Council, which will provide advice to the Government in partnership with businesses, unions and other stakeholders. The appointment comes as Labour publishes a green paper inviting businesses across the country to respond to inform the strategy – a move welcomed by business leaders. Rain Newton-Smith, chief executive of the CBI, said: “A modern, long-term industrial strategy can provide firms with the stability and certainty to unlock the innovation and investment needed to grow the economy.”
Hiring slowdown yet to ease
Recruiter Hays says Britain’s corporate jobs market has been flat in recent months and will stay that way for the immediate future. Chief executive Dirk Hahn said trading conditions in the recruitment sector reflect “tough market conditions, particularly the longer time to hire and low levels of confidence which we expect to continue.” The company has reduced its workforce by 25% over the past 18 months and recently cut headcount by an additional 2%. While temporary job hiring fees fell by 16%, permanent job fees dropped by 26%.
Firms pause hiring and investing as Budget nears
The Confederation of British Industry (CBI) says firms have “paused” hiring and are delaying investment decisions as the Budget approaches, warning of uncertainty over whether the Chancellor will deliver tax hikes. Ben Jones, lead economist at the CBI, said some businesses are holding off making decisions until they have “more clarity over the direction of the new government’s economic policies.” He added that CBI surveys suggest that businesses “may have tapped the brakes” amid speculation over potential Budget announcements.
Markets
Markets closed on Friday in the US with the S&P 500 rising 0.61% to 5815.03 and the NASDAQ up 0.33% to 18342.94. This morning on currencies, the pound is currently worth $1.305 and €1.195. On Commodities, Oil (Brent) is at $77.1 & Gold is at $2659. On the stock markets, the FTSE 100 is currently flat at 8251 as is Eurostoxx 50 at 5005.
PM urges regulators to prioritise growth
Sir Keir Starmer is set to call on economic regulators to prioritise a mandate to stimulate economic growth. The Prime Minister is expected to tell watchdogs such as the Prudential Regulation Authority and the Competition and Markets Authority to focus on the competitiveness of the UK economy.
Boeing
Boeing stepped up the fight with its union. it announced it will cut 10% of its workers or 17,000. The strike is costing it a billion a month and is hurting the aerospace giants’ attempted recovery from the fall of its safety reputation after a series of failures.
Tesla
Despite Elon’s claim that the cybercab would propel the company to a $5 trillion valuation (see Friday’s post), the shares fell 9% after the event.
BA & Rolls Royce
British Airways said it would cancel hundreds of long-haul flights because of “delays to the delivery of engines and parts” from Rolls-Royce, the manufacturer. Rolls-Royce said it was working to “minimise the impact” of its limited supplies.
China
China said it would issue special bonds to help its sputtering economy, signalling a spending spree to bolster banks, shore up the property market and ease local government debt as part of one of its biggest support packages in years.
Top taxpayers pay more than two fifths of all income tax
The Institute for Fiscal Studies (IFS) has cautioned that focusing tax raids on a small group of high earners is a “riskier strategy” suggesting the Chancellor would have less push back if she put a penny on income tax. Currently, top rate taxpayers contribute over £124bn to the Treasury, accounting for more than 40% of all income tax. Rachel Reeves is reconsidering her tax plans after Treasury officials indicated that targeting non-doms and higher earners may yield minimal revenue. Carl Emmerson, deputy director of the IFS, stated: “If you’re hitting a really small number of people for quite a lot of tax each, what happens if they change their behaviour?” Lord Johnson, the former investment minister, added that high taxes are a disincentive to work. “This is about the ability for the economy to function. And I think it’s extremely worrying that the conversation has shifted so that it’s accepted that very high tax rates are somehow okay, which they’re not. They have a hugely damaging impact on the economy.”
Private equity concerned over higher taxes
With Chancellor Rachel Reeves reportedly looking to close the ‘carried interest’ tax loophole, having previously hit out at “private equity bosses who strip the assets of British businesses,” leaders in the sector are urging the Chancellor to reconsider her stance. The deal-based profits are currently taxed as a capital gain rather than income, meaning that they are typically taxed at 28%, rather than the 45% income tax applied to higher earners in the UK. HMRC data shows that 3,000 private equity executives received a total of £5bn of carried interest in 2022. Michael Moore, chief executive of the British Private Equity and Venture Capital Association (BVCA), has defended private equity and refuted an “out of date” reputation that it has for asset-stripping. Mr Moore has voiced concern that a 45% rate of carried interest would make London less competitive, saying: “Nowhere else taxes at that rate.” Meanwhile, leading private equity lawyer Neel Sachdev has warned that a tax increase on carried interest could hurt London’s status as a dealmaking centre. He argues that an exodus of wealthy executives could hinder the City, with consultants, law firms, and banks all losing out on valuable fees.
Pension pots could be hit in tax raid
Tax changes that Rachel Reeves is said to be planning as the Budget approaches could significantly impact high earners’ pension contributions, costing them an average of £1,818 annually. The Chancellor is considering applying National Insurance (NI) to employer pension contributions, a move the Institute for Fiscal Studies says could raise around £17bn for the Treasury. Over a third of this total would come from the pension contributions for the top 10% of earners, who have an income of more than £60,000 a year. Jon Greer from Quilter says: “The rumoured proposal to end the National Insurance exemption on employer pension contributions would hit higher earners the hardest.” Tom Selby, of AJ Bell, said it was “unlikely” the Chancellor would bring in the full 13.8% NI rate, because of uncertainty over how employers would react. A survey of Britain’s 2,000 largest employers by the Association of British Insurers shows that many firms would make pension packages less generous if the NI exemption were scrapped.
If UK pensions back British firms, others will follow
James Ashton, chief executive of the Quoted Companies Alliance, believes that if UK pension funds back British firms to a greater degree, international investors will be more inclined to do the same. He flags that while UK pension funds assigned more than half of their assets to UK equities “a generation ago,” they now allocate a “measly” 4.4%. Analysis by think-tank New Financial shows that this is one of the lowest rates among developed pension systems. Mr Ashton says that although the UK is home to the second largest funds industry in the world, “companies struggle to find investors with appetite for the shares they are trading.” The impact, he warns, is “depressed company valuations compared to those whose shares transact on exchanges in countries that have hung onto a home bias to back their own.” He adds: “The upshot is cheap takeovers, fewer public companies, lower tax receipts and jobs heading abroad.” Considering ways to increase investment in productive UK assets, Mr Ashton says it is “time that pensions are required to upgrade their UK equities exposure in order to retain their tax-advantaged status.”
Graduate salaries have fallen
Analysis by the Institute of Student Employers (ISE) shows that graduates entering the workforce this year are starting on lower salaries in real terms compared to those who graduated three years ago. The report indicates that the average starting salary for graduates is £32,000, a nominal increase of 3.2% from the previous year, but a real-terms decrease of £3,559 since 2021 when adjusted for inflation. The report highlights that while graduate salaries have risen by 16.4% since 2015, school-leaver salaries have surged by 56.6%. The report notes that competition for graduate roles is fierce, with an average of 91 applications per vacancy. Stephen Isherwood, chief executive of the ISE, said: “The graduate jobs market is tough. There are a lot of students chasing a small number of vacancies.”
Latest Insolvencies
Appointment of Liquidators – GREENE MANOR PROPERTIES LTD
Appointment of Liquidators – TOTLAND TOYS AND NURSERY GOODS LIMITED
Appointment of Liquidators – RAPIER PROPERTY SERVICES LIMITED
Appointment of Liquidators – CSBP CLACKMANNANSHIRE INVESTMENTS LIMITED
Appointment of Liquidators – EUROPEAN FINANCIAL PUBLISHING LIMITED
Petitions to wind up (Companies) – KH LAND/BUILD LTD
Petitions to wind up (Companies) – DC LIVESTOCK HAULAGE LTD
Appointment of Liquidators – LAKELAND ESTATES (N.I.) LIMITED
Petitions to wind up (Companies) – CATER GROUP SERVICE LIMITED
Petitions to wind up (Companies) – WCLUB LIMITED
Petitions to wind up (Companies) – HILLHEAD CONSTRUCTION LTD
Appointment of Liquidators – DUNLAPPIE FARMS LTD.
Appointment of Liquidators – IFG CONSULTANCY LTD.
Petitions to wind up (Companies) – G & D’S CATERING LIMITED
Petitions to wind up (Companies) – MODULE BUILD LIMITED
Petitions to wind up (Companies) – W J MACDONALD (BUTCHERS) LIMITED
Appointment of Liquidators – RIDDELL MCKIBBIN LIMITED
Appointment of Liquidators – BRIAN FERRIER (HOLDINGS) LIMITED
Petitions to wind up (Companies) – ARC ENGINEERING 2016 LTD
Petitions to wind up (Companies) – SHAMSAEI UK LETS LTD
Petitions to wind up (Companies) – RENARD CONSULTING LTD
Petitions to wind up (Companies) – ETHNIC ADVERTISING LIMITED
Petitions to wind up (Companies) – A&Y ENTERTAINMENT LIMITED
Appointment of Liquidators – ROWAN DRILLING (UK) LIMITED
Petitions to wind up (Companies) – MEDIA 2000 LIMITED
Appointment of Liquidators – BATAGAMA ESTATE UK LIMITED
Petitions to wind up (Companies) – FIFE FLOORING STUDIO LIMITED
Petitions to wind up (Companies) – MOTORONO LTD
Petitions to wind up (Companies) – TOTOMOTO POWERTRAINS ENGINEERING LTD
Petitions to wind up (Companies) – KR GUEST HOUSE LTD
Appointment of Liquidators – NEW CHURCH ROAD PROPERTIES LIMITED
Appointment of Liquidators – PRESTIGE OUTDOORS UK LIMITED
Appointment of Liquidators – BONDPROP LIMITED
Appointment of Liquidators – TOPLINE LEISURE SERVICES LIMITED
Appointment of Liquidators – A.J & M DEVELOPMENTS LIMITED
Appointment of Liquidators – PETER CHAMBERS AUTOMOTIVE LIMITED
Appointment of Liquidators – CEECUBED LIMITED
Appointment of Liquidators – KEITH HOWELL-JONES LIMITED
Appointment of Liquidators – SJZP LIMITED
Petitions to wind up (Companies) – RANDSTAD SITE SOLUTIONS LTD
Petitions to wind up (Companies) – R.D CABLING LTD
Petitions to wind up (Companies) – MARLOX HOLDINGS LTD
Petitions to wind up (Companies) – GLORIOUS BRITANNICA LTD
Petitions to wind up (Companies) – MTC LETTINGS LTD
Petitions to wind up (Companies) – HARCOURT MOTORS LTD
Appointment of Liquidators – MY RED MEDIA LIMITED
Appointment of Liquidators – E M BAYLISS AND PARTNERS LIMITED
Appointment of Liquidators – EVORA ENERGY LIMITED
Appointment of Liquidators – FINANCE & OPERATIONS EXPERTISE LIMITED
Appointment of Liquidators – ALEPSYR BIOTECH CONSULTANCY LTD
Appointment of Liquidators – INVESTOR PROFILE LIMITED
Appointment of Liquidators – R&K SOFTWARE LTD
Appointment of Liquidators – LARKVALE SOFTWARE LIMITED
Appointment of Liquidators – STRATHEDEN ASSOCIATES LTD
Appointment of Liquidators – GASPLUS ENGINEER CONSULTANTS LTD
Appointment of Liquidators – THE QUARTER ASSOCIATES LTD
Appointment of Liquidators – TELLGOV LIMITED
Appointment of Liquidators – MILLENNIA CLOUD SERVICES LIMITED
Appointment of Liquidators – HAPPY MORTGAGES LTD
Appointment of Liquidators – HAMILTON ASSOCIATES REFURBISHMENT LTD
Appointment of Liquidators – DARJEELING APPS LIMITED
Appointment of Liquidators – POTION PICTURES LIMITED
Appointment of Liquidators – BOLTONS CONSULTING LIMITED
Appointment of Liquidators – GSN CONCEPTS LTD
Appointment of Liquidators – G W MARTIN & SON LIMITED
Appointment of Liquidators – 10 HEALTHCARE LTD
Appointment of Liquidators – J-VEDAS LIMITED
Appointment of Liquidators – ARECA TECHNOLOGIES LIMITED
Appointment of Liquidators – SUNSHINE LOFTS LIMITED
Appointment of Liquidators – THE MELBURY CLINIC LIMITED
Appointment of Liquidators – JPW OSPREY LIMITED
Appointment of Liquidators – P V PSYCHOTHERAPY & TRAINING SERVICES LIMITED
Appointment of Liquidators – SV02 LTD
Appointment of Liquidators – GAUNSON HOLDINGS LIMITED
Appointment of Administrator – TONY PERRY LIMITED
Appointment of Liquidators – FOUR COUNTIES CONSTRUCTION LIMITED
Appointment of Liquidators – CLOVER CONSERVATORIES & CONSTRUCTION LTD
Appointment of Liquidators – BAKER STREET RESIDENTIAL II LIMITED
Appointment of Liquidators – RELF DATA SOLUTIONS LIMITED
Appointment of Liquidators – LYONS OF GAINSBOROUGH,LIMITED
Appointment of Liquidators – BCEM CONSULTING LIMITED
Appointment of Liquidators – FLEET ASSET SOLUTIONS LTD
Appointment of Liquidators – ALTENBURG FINANCE LIMITED
Appointment of Liquidators – HEALTHCARE RISK CONSULTING LTD
Appointment of Liquidators – CROYDON LOGISTICS LIMITED
Appointment of Liquidators – TRFS GROUP LIMITED
Appointment of Liquidators – WOS CONSULTING LTD
Appointment of Liquidators – GREYSTOKES CONSULTING LTD
Appointment of Liquidators – BENHAMLAW LIMITED
Appointment of Liquidators – EVENT AND MUSIC MEDIA (UK) LIMITED
Appointment of Liquidators – HUMPHREYS DESIGN & BUILD LIMITED
Petitions to wind up (Companies) – URBAN CONSTRUCTION INTERIORS LIMITED
Appointment of Administrator – SPORE LONDON LIMITED
Appointment of Administrator – CONNECTING LONDON LIMITED
Appointment of Administrator – QDOS SBL GROUP LIMITED
Appointment of Administrator – NOMIS CONNECTIONS LIMITED
Appointment of Administrator – TELNET INTERNATIONAL LIMITED
Appointment of Administrator – MAMMOTH SIT AND SLEEP LTD
Appointment of Administrator – RIDGEWALL LIMITED
Appointment of Administrator – NIX&KIX LTD
Appointment of Liquidators – OATLEY CONSULTING SERVICES LIMITED
Appointment of Liquidators – AUGURATION TECH LIMITED
Appointment of Liquidators – DATABET (UK) LTD
Appointment of Liquidators – DOWNES ILLINGSWORTH PARTNERSHIP LIMITED
Appointment of Liquidators – WHATCROFT SERVICES LTD
Appointment of Liquidators – XALAPA LIMITED
Appointment of Liquidators – WARWICKSHIRE WELFARE RIGHTS ADVICE SERVICE
Appointment of Liquidators – OMNIPROVE LTD
Appointment of Liquidators – MOONEY EVERETT LIMITED
Appointment of Liquidators – ASTA INVESTMENTS LTD
Appointment of Liquidators – MOORE CLOUD SERVICES LTD
Appointment of Liquidators – TRAPEZE HR LIMITED
Appointment of Liquidators – LOVE PROPERTY INVESTMENTS LIMITED
Appointment of Liquidators – FIRE FACILITIES MANAGEMENT LIMITED
Appointment of Liquidators – DECIPHER DESIGN LTD
Appointment of Liquidators – DD FINANCIAL LIMITED
Appointment of Liquidators – OAK NO.3 PLC
Appointment of Liquidators – ELLAR SOFTWARE LIMITED
Appointment of Liquidators – AVICENA HEALTH LTD
Appointment of Liquidators – MARTON HOMES LTD
Appointment of Liquidators – NUMOPLUS LIMITED
Appointment of Liquidators – RETRACARE LIMITED
Appointment of Liquidators – FUNFTEC LTD
Appointment of Liquidators – SGS M-SCAN LIMITED
Appointment of Liquidators – IONOSPHERE LIMITED
Appointment of Liquidators – HAMLET HIRE LIMITED
Appointment of Liquidators – COASTAL SKIN CLINIC LTD
Appointment of Liquidators – ZIARCO PHARMA LTD
Appointment of Liquidators – MARINE & DIVING SYSTEMS LTD
Appointment of Liquidators – CASTLE PROPERTIES MANAGEMENT LTD
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Appointment of Liquidators – DR D O’REILLY LTD
Appointment of Liquidators – LIDOKA ESTATES LIMITED
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Winding up Order (Companies) – LIVE COMPANY GROUP PLC
Why you should become a member of CPA!
The Credit Protection Association (CPA) has been assisting thousands of UK businesses to get paid, since 1914. We have supported our members through all sorts of difficult trading environments. With high interest rates and a struggling economy and elevated insolvencies, our services can help your business navigate these difficult waters.
Unlike other credit management and debt collection companies, we offer a range of services to our members that are all included as part of a fixed annual subscription, tailored to your needs.
Under your annual subscription you will have access to our main services:
- Our Creditcare credit reports provide credit ratings and limits along with a host of detailed information on your potential customers to enable you to trade with confidence and set appropriate credit policies for new customers.
- Our monitoring service will alert you to any significant changes in the status of those customers.
- Our Overdue account recovery service can be used to chase up payment on any invoices to those customers that have not been paid on time. Unlike other debt collection companies, this service directs your customer to pay direct to you and allows you to maintain your goodwill with them, rather than inserting ourselves into your relationship with you customer and insisting they pay CPA instead. Our Overdue account recovery service resolves over 80% of accounts referred to us.
All of the above services and other complimentary services such address verification, are included in your subscription!
And for the small minority of debts not resolved through our Overdue account recovery service, you can refer the debt to our collections department to escalate the late payment collections process.
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 and be warned of any potential risks. CPA has been improving business cash flow for over 100 years, by tackling late payers and campaigning against the late payment culture in the UK.
Unlike other credit management companies, we offer our members a fixed annual subscription regardless of how high the value of their debts maybe!
Rather than to borrowing more money to improve your cashflow, CPA suggests that business owners tackle the problem at its source. If late payments are a strain on your cashflow, then talk to CPA about how we can help you reduce those late payments.
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’s collection department 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.