Financial Crisis made us more resilient – business news 15 February 2021.

James Salmon, Operations Director.

The Financial crisis made us more resilient, economists warn of Brexit disruption, banks may be asked to pass savings details to HMRC, covid-19, market and other business news.

Here are CPA we want to share the business news stories we have seen that we think will affect our members and readers. Many of us are busy fighting to protect our businesses and therefore might have missed some of the news that could impact small businesses, their owners and those that sell on credit.

Financial crisis made sandwich generation more resilient

More than three fifths of those aged 40 to 59 feel they are better equipped to deal with the economic impact of the coronavirus crisis due to lessons learnt during the 2008 financial crisis.

People in this age bracket – known as the ‘sandwich generation’ as they are likely to have responsibilities toward their children and their parents – say they built resilience amid the banking crisis and ensuing recession.

A poll by investment house Killik & Co saw a fifth say they are now more cautious about spending, while one in ten have increased their emergency savings. The research comes as Financial Conduct Authority analysis reveals that more than 14m adults in the UK have low financial resilience, with a third expecting to cut back on essentials, one in ten likely to use a food bank and one in six expecting to take on more debt.

Economists warn over Brexit disruption

Economists have warned that post-Brexit disruption to trade cannot be dismissed as mere “teething problems”, arguing that it points to structural issues which could hit UK GDP for several years.

Andrew Goodwin, chief UK economist at Oxford Economics, said “non-tariff barriers” such as additional form-filling, queuing and regulatory obstacles to trade are hitting a number of sectors. He adds: “The onus now is on the Government to find ways of boosting growth in other ways.” Thomas Sampson, associate economics professor at the LSE, said there was “some truth” that disruption at the borders is down to “teething problems but added: “There are also permanent changes which are going to make trading harder, even once everyone understands the new system.”

Prof Anand Menon, a political scientist at King’s College London, said: “Some of it is teething problems, but the vast majority isn’t”.

Banks may pass savings details to HMRC

Banks and wealth managers may be asked to pass sensitive information directly to HMRC as tax authorities look to pull in around £5.5bn a year believed to be owed from earnings that taxpayers fail to mention on their tax returns. This comes as HMRC looks to close the £31bn tax gap – the difference between the amount of tax paid each year and what it believes should be paid.

A review by the Office of Tax Simplification (OTS) has called on financial services firms to offer views on how they might send information on things such as interest payments, dividends, Gift Aid and pension contributions to the taxman. The OTS document said: “Instead of millions of individuals having to provide to HMRC details of potentially taxable income and gains on their investments, the review will consider whether it could instead be uploaded by their investment or wealth management company.”

George Bull, a senior tax partner at RSM, said the plan raises privacy concerns, commenting: “All the bodies required to report financial data to HMRC would have to obtain national insurance numbers from individuals. The consolidation of so much data raises the spectre of data-hacking and identity theft on an unprecedented scale.”

A HMRC spokeswoman said the OTS study was “an own-initiative review” by the group, rather than one commissioned directly by the Chancellor. Meanwhile, James Coney in the Sunday Times says addressing the tax gap could help Rishi Sunak balance the books, post-pandemic. He says the Chancellor need not “change any taxes to rake more of this in, you just need to improve the system”, with HMRC “already heading in this direction” through Making Tax Digital, which he says “formalises many informal payments that used to slip through the tax-man’s net”.


Manufacturing production under-performed predictions in December and fell 2.5% year on year with industrial production down 3.3%.

AI can give bosses a boost

Jonty Bloom of BBC News considers the implications of AI taking a greater role in the workplace and whether workers would be willing to take orders from a machine. Jeff Schwartz, a senior partner at Deloitte and a global adviser on the future of work, says he hopes AI bosses may help human counterparts improve their performance, suggesting that with a machine taking on more mundane leadership tasks such as compiling rotas and performance monitoring, human bosses will be freed up to concentrate on being better team leaders.

UK economic contraction deepest since 1709

Data from the Office for National Statistics show that despite the economy growing by an unexpected 1% in the final quarter of last year, it still suffered its worst annual performance in more than three centuries with output down by 9.9% – wiping out seven years of economic growth. Most of the slump occurred during the first lock-down in the spring but a surprise recovery was seen in the final quarter of 2020. The Chancellor, Rishi Sunak, said that the figures underscored the “serious shock” that the economy was facing because of the pandemic. “While there are some positive signs of the economy’s resilience over the winter, we know that the current lock-down continues to have a significant impact on many people and businesses,” he said. The GDP figures are “less bad than expected”, says PwC chief economist Jonathan Gillham, but the economy is still 8%smaller than it was pre-Covid. “To put this into perspective, every person in the UK is roughly £3,300 worse off than they were in 2019 on a net basis.”

Covid-19 general news

There were 10,972 new cases in the UK yesterday (total 4.04m) with 258 more deaths (total 117k).

Globally 275,922 new cases brought the total  to 108.7 million with 2,400,946 deaths.

173m vaccine does have now been given worldwide.

Boris Johnson celebrated a “significant milestone” as the we recorded 15 million covid vaccinations, giving us one of the most successful immunization programs in the world. More than 25% of the adult population has now received at least one shot. “In England, I can tell you we have now offered jabs to everyone in the first four priority groups, the people most likely to be seriously ill from coronavirus, hitting the first target we set ourselves,” he said in a video posted to his Twitter account.

The UK’s R Rate fell below 1 for the first time since July on Friday, in the surest sign yet that current lock-down measures are working. The rate of reproduction of the virus has fallen to a best estimate of between 0.7 and 0.9, according to official figures from the Scientific Advisory Group for Emergencies (Sage), down from an estimate of 0.7 to 1 last week.

The government confirmed its plan for schools to reopen early next month on the vaccine news.

Chancellor Rishi Sunak said the GDP data had shown the serious shock the  pandemic had on the UK. If anything the weak data has increased pressure for restrictions to be eased.

Tim Martin chairman of JD Wetherspoon has called on the government to re-open pubs at the same time as non essential retail.

Help to Buy scheme

The Help to Buy scheme in England has been extended to the end of May. Covid-related delays meant more than 16,000 sales were at risk, with buyers facing large bills were purchases to fall through at the last minute. Construction of newly-built homes, which qualify for the scheme, have been put back by as much as eight months.


On Friday the FTSE 100 closed at up 0.94%  at  6589.79 and the 250 Closed up 0.09%.  The Eurostoxx 50 closed up 0.65% and the 600 was up 0.64%. The S&P 500 rose 0.47% and the NASDAQ rose 0.50%.

In Japan the Nikkei closed above 30k for the first time in 30 years, lifted by stronger than expected GDP data. Japan GDP contracted 4.8% in 2020, however during Q4 GDP rose at an annualised rate of 12.7%.

On Friday, sterling was bolstered by the better than expected 4th quarter GDP figures and the prediction of the Bank of England’s Economist of double digit growth next year, as covered on our Friday blog. Momentum for the pound has continued on vaccination news. Sterling is at 1.146 Euros and 1.391 US Dollars.

Oil jumped almost 2.5% on Friday Brent Crude is at $63.35 and Gold was flat and is at $1821.

Bitcoin has continued its uptrend, rising above $50,000 per coin.

U.S. consumer sentiment unexpectedly declined to a six-month low in early February as the outlook for personal income deteriorated and more Americans anticipated faster inflation in the year ahead as the University of Michigan reported sentiment falling from 79 to 76.2 with an increase expected.

Sunak commits to 2021 deadline for global tech tax deal

Rishi Sunak confirmed his commitment in a G7 meeting yesterday to establish a new global tax on tech firms. The Chancellor said the new digital tax framework was a “key priority” and called on member nations to reach an “enduring multilateral solution” by the mid-2021 deadline set by the G20. Mr Sunak also called for cooperation on tax between the G7 and G20, as well as the Organisation for Economic Co-operation and Development.

UK should exploit EU’s war on ‘equivalence’

The Telegraph’s Ambrose Evans-Pritchard comments on the EU’s determination not to grant equivalence to UK financial services companies, arguing that Brussels risks violating international law if it continues with this selective treatment. The non-discrimination principle of the World Trade Organisation makes clear that selective treatment of one state for political reasons is strictly forbidden. The EU grants broad equivalence to Canada, Australia, the US, and others, Evans-Pritchard point out. “All WTO members with equivalent standards have to be treated equally. Refusal to do so goes against the whole Most Favoured Nation principle,” said one expert advising the Government. The consensus seem to be, however, that instead of a unilateral abrogation of the trade agreement (which the UK could rightfully pursue considering the EU’s parallel breach of the Good Friday Agreement), Britain should “focus on the cutting-edge areas of fintech where the UK already has a huge advantage” and be “super-aggressive in pushing for global trade deals elsewhere.”

EU members opt into detached worker provisions

HMRC have updated their National Insurance rules for UK workers operating in the EEA or Switzerland. The move came after the EU notified the UK that all member states will be applying for the detached worker provision, meaning that any workers who are temporarily moving between the UK and the EU will continue to pay into the social security system for their home state.

Starmer: ‘You can’t choke off the recovery by raising taxes’

In an interview with the Times on Saturday, Labour leader Sir Kier Starmer talks about the steps the party has taken since its worse election defeat since 1935. As the interview turns to the economy, Starmer is reluctant to discuss specific policies but does say balancing the books should not be the priority while the economy is recovering. “Over the course of the recovery, tax rises are not the right way to ensure that we go forward to a more thriving economy,” Sir Kier says. “There’s an emerging view that I subscribe to that, in the short term, you don’t balance the books and you don’t choke off the recovery by raising taxes on the one hand or reverting to austerity on the other. You’ve got to get your economy to thrive.”

John O’Connell: PM should emulate Churchill’s tax cutting strategy

New research from the TaxPayers’ Alliance finds that the tax burden now stands at its highest sustained level – based on a five-year average – since 1951. The tax burden next year will be an estimated 34.2% as a share of GDP. That will be the highest single year score since 1969-70. Writing in the Yorkshire Post, John O’Connell, the chief executive of the Taxpayers’ Alliance, says Boris Johnson should follow Winston Churchill’s example and drive the burden down. Tax cuts will be critical to a post-pandemic Britain trying to restore growth and prosperity, as Churchill noted when he said, “for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle”.

Bill Michael quits as chair of KPMG UK

KPMG UK chairman Bill Michael has resigned after a leaked conference call revealed how he’d told colleagues they were fortunate to have the jobs they had and should stop moaning about the pandemic. He also said he thought the concept of unconscious bias was “complete and utter crap”. Mr Michael’s no-nonsense approach was old fashioned and abrasive, the FT suggests, with some at the firm believing his temperament was counter to the culture they wanted to pursue. The Telegraph’s Ben Marlow also described Michael as direct – “a salt-of-the-earth Aussie” – but agrees with those who “think we could do with a few more Michaels in the world, and that his sacking is just another example of liberal wokery getting out of control.” Marlow points out that much of the discontent with Michael was due to the cost-cutting exercise he’d embarked on – relations became “toxic” as partner pay slumped to a mere £572,000 last year and underperforming staff were ejected. But Marlow too points to the generational differences many bosses will be experiencing, with younger workers requiring their job to be “fun” and for the company they work for to have a genuine social conscience. Perhaps, Marlow contends, if Michael is guilty of anything it is “failing to understand that the world he has been working in for decades has changed.” Or maybe, he concludes, “there’s an unconscious bias against straight-talking Australians?”

O’Connor and Mehta look to restore KPMG’s reputation

Anna Menin and Jill Treanor in the Sunday Times profile KPMG’s Mary O’Connor, its acting senior partner, and Bina Mehta, its acting chairwoman, saying they have been tasked with restoring the firm’s reputation after the resignation of chairman and senior partner Bill Michael who stood down following controversial comments made during a virtual meeting. They say that by putting two women in charge, KPMG may “pave the way for further change across the white and pale senior ranks of the accountancy industry.” Kate Grussing, managing director of the headhunter Sapphire Partners, comments: “It’s smart of KPMG to put two women who are very different but complementary in that role while they figure out what they need”.

Northern firms enjoy healthy VC backing

Research by KPMG reveals that northern businesses attracted more than £100m in venture capital investment in the fourth quarter of 2020. The firm’s Global Venture Pulse Survey found that £102m was raised across 47 deals, representing 12% of all UK deals by volume, but only 3% of all UK deal value. Nationally, the report found that £11.7bn of VC investment was made into UK scale-up businesses across 1,969 deals in 2020.

Firms face ‘audit season ‘like no other’

Michael O’Dwyer in the Sunday Telegraph says accounting firms are having to adapt amid “an audit season like no other” as they tackle the practical obstacles to checking companies’ numbers during a national lockdown, with BDO’s Scott Knight saying: “This could well be the toughest audit and reporting season for decades” . Mr Knight says there are pressures on timetables and challenges around forward-looking positions, with everything having to be “resolved over Zoom calls.” Mr O’Dwyer highlights that the current lockdown has coincided with the busiest time of year for auditors, with Hemione Hudson at PwC saying: “We call it the busy season. And it is no lie … Everybody is in full on delivery mode.” Looking at a need to flag uncertainty over a company’s ability to continue as a going concern, Grant Thornton’s Fiona Baldwin says audit firms “are putting much more disclosure in the accounts as to why it’s a material uncertainty, which helps investors pinpoint what it might be that is causing the uncertainty.” Paul Stephenson of Deloitte warns that businesses are being hit by staff contracting the virus, saying he is urging clients to “have Plan B and Plan C&rd quo; and says there is “a lot of short notice on moving things around”. On the pressures firms face, Mr O’Dwyer says FTSE-listed companies issued 583 profit warnings last year, up from 313 in 2019, according to EY data.

Cost of cutting pension contributions outlined

Savers risk losing nearly £11,000 from their pension if they cut back on their contributions to get through the coronavirus pandemic. Nest, the government-backed work scheme, said that workers have reduced their average contributions by £8 a month since April 2020. Analysis by Interactive Investor reveals that cutting contributions by £8 a month would mean that a 21-year-old basic-rate taxpayer would have almost £11,000 less at retirement at 68. For a higher-rate taxpayer, who would get greater tax relief on contributions, cutting £8 a month would leave them with £12,500 less at retirement.

Sunak to target pensions?

Jessica Beard in the Sunday Telegraph says that with the Chancellor looking to restore public finances after the blow dealt by the coronavirus crisis, the tax benefits of pensions are under threat. Experts, she says, have warned that retirement savings “will make for rich pickings in a Treasury tax raid”. Tim Stovold of Moore Kingston Smith believes the 25% tax-free pension cash benefit is at risk and is “too generous”, warning it is “inevitable” the Government would cap the amount savers could withdraw under the rule. He added: “The risk of this happening eventually is high. It may not be in this budget though, as it doesn’t immediately collect large amounts of tax.”

Night-time economy in support call

Representatives of nightclubs, music venues and bars – as well as a number of MPs – have written to Chancellor Rishi Sunak calling for a £4.5bn rescue fund for Britain’s night-time economy, warning that without help the sector “will all but collapse”. They acknowledge the “unprecedented interventions” the Chancellor has already made to support the economy and the wider hospitality sector, but warned that “significant parts” of the economy involving businesses that operate between 6pm and 6am had “fallen through the cracks of the support already offered”. The letter calls for a grant scheme, as well as extensions of the furlough scheme, business rates relief and a reduction in VAT.

Amsterdam takes London’s trading crown

The Observer considers the climate for the UK’s financial services sector after it was revealed that Amsterdam has stolen London’s crown as Europe’s major share trading centre, with an average €9.2bn of shares a day bought and sold on the Dutch city’s three main exchanges last week compared with €8.6bn in London. Kevin Ellis, chairman of PwC, comments that London “has a scale that isn’t easily replicated” but suggests the City “does have to evolve to ensure its ongoing relationship with the EU and all of its trading partners.” The paper notes EY analysis showing that, up until October 2020, Dublin was the most popular location for financial services companies moving jobs out of London.

London will remain Europe’s financial capital, says Raab

The biggest competition to the UK’s financial services sector will come from Asia and the US, says Foreign Secretary Dominic Raab, who believes that while EU financial capitals may “nick a bit of business here and there from the City” post-Brexit, they will not challenge London’s status as Europe’s global financial capital. Mr Raab said that while EU financial capitals may be able to compete with the UK for some business, “the problem is the measures they will take to achieve this will undermine their own competitiveness.” “The challenge to London as a global financial centre around the world will come from Tokyo, New York and other areas rather than those European hubs. Particularly if they start to erect barriers to trade and investment,” he added.

Payday lenders criticised for not detailing compensation

High-interest lenders and their auditors have been criticised for failing to reveal how much they could owe customers who were mistreated, with many not detailing the cost of payouts over claims they breached City rules by offering customers unaffordable credit. Alan Campbell, founder of Salad Money, has warned that unaffordable borrowing continues partly because auditors do not always force companies to reveal the full liability they may face from potential compensation claims in their accounts. He believes that unaffordable lending practices will change if lenders “are burdened by the liability” of it being disclosed in their accounts. Michael O’Dwyer in the Telegraph notes that the auditors have not been accused of wrongdoing. He also highlights that a number of high-interest and payday lenders have gone bust despite their accounts being signed off by audit firms including Grant Thornton and Mazars.

Voke creditors to take big hit

Unsecured creditors in Kind Consumer who are owed £46.5m are set to suffer heavy losses after it was sold via a pre-pack administration. The firm, which developed the Voke nicotine inhaler, was sold to OBG Consumer Scientific for £1.6m in a pre-pack sale agreed by administrator Smith & Williamson. The sale came last November, before legislation changes that reintroduced HMRC as a preferential creditor.

New fund to support BAME entrepreneurs

The Times looks at Create Equity Fund, a new investment vehicle that will focus on investing in black, Asian and minority ethnic entrepreneurs with fledgling creative businesses, noting that KPMG is helping to hone the business plan.

Don’t let Covid-19 bust your business!

It will if your cash flow dries up, either sooner or later.

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 sometime to come.

CPA eases cash from tardy debtors – Efficiently, Effectively, Economically and Ethically. Above all tactfully, because maintenance of goodwill is paramount.

To meet the needs of creditors in the current crisis, we have designed a “critical care” package especially tailored for the situation.

  • The annual package costs start at very low rates
  • A minimum performance warranty is provided
  • Several complimentary services included

Clients instruct CPA on-line via their PC or phone, completely user-friendly. Your late paying customers are told to pay you direct (not to us).

A very recent report shows a 23% increase in the number of unpaid invoices since March 11th THIS YEAR – are you getting a build-up of late payers?

Right now, overdue accounts must be a concern and CPA has a great track record of encouraging slow-payers to pay their suppliers quickly.

It takes less than 17 minutes to see how you would benefit, do you have the time now?

No face-to-face meeting required – 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.

Do you sell on credit?

With pressures on the cash flow it is essential that you stay on top of the credit limits you grant customers and watch carefully for any late payments.

Those customers will look for the easiest option to boost their cash-flow. Don’t let it be you.

You can’t just assume your customers can and will pay you eventually, no matter how big their name is.

It is essential to have credit management systems in place to monitor and check your customers credit worthiness.

It is also best practice to use a trusted third party like CPA to make sure you are paid on time by customers, no matter how good a name they have.

About CPA

The Credit Protection Association can help!

Formed in 1914, CPA has been providing credit management services to SMEs for over 100 years.

At the Credit Protection Association, we provide first class credit information that can help you avoid being over extended to customers who are at risk. Our monitoring service can flag up warning signs long before the end, giving you the chance to adjust and reduce your exposure. We provide recommended credit limits and credit scores on a traffic light system and can help you set appropriate credit policies for your customers.

We regularly publish lists of the latest insolvencies but by then it is too late. Our credit reports however predict approximately 96% of company insolvencies long before they arrive.

Companies in trouble usually have very bad cash flow and they try to deal with it by delaying payment to their suppliers, increasing your exposure to them.

If you supply on credit, help us help you identify the risks.

Why use a third party collector?

As a third party collector, we can also get your payments prioritised over those who are not as hot on collections. When your customer receives a letter from the Credit Protection Association regarding their outstanding account, they are going to want to get that resolved as a priority. Our overdue account recovery service can get your unpaid invoices to the top of their “to do” list and get your invoice paid.

Over the years we have collected billions in overdue invoices for our customers.

Our debt recovery and credit management services give our members the financial freedom needed to grow and prosper, while our new Late Payment Compensation department could unlock hidden potential and offer the compensation needed to springboard your business to success.

You might be hesitant about contacting a debt collection agency. What are they going to be like?

Can they help your particular type of business?

There is no need for concern. CPA are courteous, helpful and very probably have had direct experience of working with your type of business.

Debt collection agencies are not all alike.

Success lies in both recovering money and keeping customers happy. The Credit Protection Association was founded in 1914 and has helped tens of thousands of UK businesses to collect outstanding payments and reduce the risk of incurring bad debt. We believe that creditors deserve to be paid for the work or goods they have supplied but we fully understand the need to maintain
the best possible relationship with customers!

At The Credit Protection Association, we provide solutions, advice and back-up in all areas relating to the supply of services or goods on account. Client-members receive everything they need from a single source to reduce debtor days and write-offs.

The Credit Protection Association has helped has assisted tens of thousands of UK businesses with their credit control requirements, since the First World War.

We are polite, firm and efficient when it comes to recovering outstanding debt.

“We have used CPA for a number of years now. The website is easy to navigate around with lots of helpful reports. The staff are always at hand and very friendly. CPA has helped us reduce our debt over the years and keep track of potential issues with our customers.”
~ CPA client in Buckinghamshire

“The service from CPA has proved to be everything that you said it would be. We have already seen a huge benefit. We have had a number of overdue accounts paid promptly and directly to us. It is also a huge weight off our mind to know that once we have passed an overdue payment over to you, you take care of everything whilst keeping us informed.
~ Credit Controller client in Warrington

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


Ready to speak to an advisor?

For help or advice on credit management, entirely without obligation.

Call us today

0330 053 9263

CPA is passionate about late payment

The Credit Protection Association has been protecting smaller firms against poor payment practices for over 100 years.

We are extremely passionate about breaking the late payment culture that holds back the UK economy and threatens many SMEs, with cash flow difficulties being the single biggest killer of Britain’s small businesses.

If you were regularly paid late we can help. Those former customers used you to boost their own cashflow, regularly paying you late.

As a result you had extra costs, you had the distraction of having to chase payment, you had opportunity costs because your capital was tied up in their late invoices.

Under little used legislation, you are entitled to compensation for those late payments.

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

Now you can boost your own cash-flow.

CPA can help unearth the those hidden treasures.

We have the technology to reveal the compensation you are due and we have the extensive experience and expertise to then turn those claims into cash.

Did you know that your business is entitled to a minimum of £40 for every commercial invoice paid late to you over the past 6 years?

How many of your invoices are paid late each month – 20, 50, 100 or more?

At £40 per invoice that’s claim of £57,600, £144,000, £288,000 plus interest. The more invoices the bigger the claim! 

At £100 per invoice it’s £144,000, £360,000, £720,000 plus interest.

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

For over 20 years, CPA has calculated and recovered Late Payment Compensation on behalf of Clients!  

Yes, CPA can help you boost your business cash-flow.

Don’t let your bankers control you, contact CPA today.

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.

Read our blog here on how to crack down on the late payment culture.

Read our blog here on how to give late payers the slap they need.

The “Why” of the late payment culture.

New PM should walk the walk and back small firms over late payments

Paying late is “crack cocaine” to big business.

Late payment culture risks “spiraling out of control”

visit our late payment compensation page

See our full blog and FAQ on late payment compensation

Do you realise you could be sitting on a fortune?

Late payments often result in a cash flow crunch and leave SMEs in need of a cash injection.

If you sold B2B on credit then there may be a hidden source of capital you can call on.

If you fancy an extra bit of extra cash in your business, rather than jumping through hoops with your bank, you could look to uncover the resources from an unexpected source within your own business.

Not many are aware but there could be a hidden fortune within your business, sitting there, just waiting to be uncovered and released.

We can help you uncover the pile of gold, you didn’t even know you were sitting on.

If you trade with other businesses and were often paid late then you could be entitled to significant compensation.

Under little known and under-utilised legislation your business could be due huge amounts in compensation that you didn’t even know about.

Let’s be clear – this is not a way to weaken any customer relationships you value. It is one that identifies who’s been paying late and then recover the potentially significant sums in compensation using Late Payment Legislation from businesses where the relationship has already ended.

You can pick and choose who you want us to follow up – but once we’ve agreed which companies you’d like to pursue compensation from it’s a fast process and there’s no financial outlay to you whatsoever. My team at CPA put its expertise to work to recover the compensation due and fight late payment culture.

That compensation could provide the cash boost your business needed.

But don’t delay, that compensation evaporates if not claimed within six years of the late payment.

How can CPA help?

CPA has developed a unique technology to dig into your accounting records and discover the cash injection you are due by means of compensation. The software does all the hard work. Our software interacts over the cloud with over 300 different software packages, working directly with your accounts package, just so long as it’s stored on a computer.

We recognise that most companies do not have the resources to spend time on the identification and calculation of Late Payment Compensation. Our service can produce an Analyses within just a few days with (usually) less than 30 mins of co-operation from our clients. We work directly with over 300 accounting packages but can also work with bespoke accounts packages. Indeed, speed is essential as the oldest invoices may fall foul of the 6-year time limit.

Once the Sales Ledger Analyses is made available to clients, all that is required is that management decide which commercially sensitive ex-customers to remove from the list and return it to us.

CPA then uses its years of collection experience to explain and recover the Late Payment Compensation Claims. Clients do not handle any part of the recovery process as our team will take all communications from the companies against who the claims has been made. Often, it’s simply a case of explaining the legislation, sometimes we have to go all the way and enforce the legislation through the courts.

The result is that we are realising clients’ claims worth tens and sometimes hundreds of thousands of pounds which, of course, is pure net profit. You may also be among the recipients of “hundreds of thousands of pounds” should you elect to take advantage of our services.

We do the work, you receive the cash.

If you have supplied goods and services to businesses on credit and were regularly paid late then you could be due significant sums in late payment compensation.

We are talking to companies and unearthing claims in the hundreds of thousands from former business customers who paid them late. Large business customers who abused their power to inflict unfair and sometimes illegal payment practices.

We are helping business owners who are looking to boost the returns from their business before they retire. We are helping businesses who have lost major clients after years of loyal service to get properly compensated for systematic late payment. We are helping companies that were looking to close down, who looked insolvent and finding that cash injection they need to avoid insolvency.

Those former clients who regularly paid you late can finally be made to pay.

Ready to speak to an advisor?

For help or advice on credit management, entirely without obligation.

Call us today

0330 053 9263

The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!

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

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