Poor payment practices have severe consequences for SMEs.
ACCA calls for action to tackle late payment
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Current Affairs
SME confidence increases in 2023
Confidence improves across all major sectors.
Tax take soars by almost 10%
Total receipts for 2022/23 hit £786.6 billion.
Company insolvencies rose by 37.7% in March
Insolvencies are higher than pre-pandemic levels.
Rural SMEs struggle with business costs
37% of firms reported a 10% increase in operating costs.
UK economy saw no growth in February
Economic outlook “brighter than expected”, despite slow progress.
IMF predicts interest rates will fall to pre-pandemic levels
Interest rates will ease when inflation is under control.
Business confidence rises in March
IoD report suggests UK economy grew strongly.
HMRC late payment interest rises to 6.75%
Late payment rates at highest level since 2008.
Reduced energy bill support puts SMEs at risk
Around 370,000 firms will pay more from April.
BoE raises interest rates to 4.25%
The decision follows an unexpected rise in inflation in February.
Inheritance tax receipts soar to £6.4bn
February’s inheritance tax take totalled £521 million.
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