Managing your business and its customers: Strategic steps to ensure business survival and long term growth in the current economic climate

A joint seminar with business experts Hart Shaw and Wosskow Brown.

We are all aware of the tough economic conditions at present in the UK. What you need to know is how to successfully manage your business through these difficult times in order to come out stronger and grow your business.

Business experts Hart Shaw and Wosskow Brown are teaming up to provide a timely breakfast seminar which focuses on how effective management of customers and suppliers can maximise recovery options and achieve growth. Topics for discussion include:

• Cash flow management
• Understanding your business
• The funding market
• Successful management
• Getting your terms and conditions right
• Effective debt collection
• Business survival strategies
• Recovery options available

Join Steve Bell, Head of Corporate Finance at Hart Shaw, Christopher Brown, Business Recovery Partner at Hart Shaw and Kiley Tan, Head of Commercial at Wosskow Brown over breakfast at Hart Shaw’s offices for a seminar that provides a crucial insight into how a thorough review of your business operations can ensure survival and long term growth.

The details are:

• Date: Wednesday 18^th April 2012
• Time: 8:00am for tea, coffee and breakfast sandwiches, 8:30am start and 9:30am finish with Q&A and optional networking until 10:00am
• Venue: Hart Shaw Building, Europa Link, Sheffield Business Park, Sheffield, S91XU

The seminar is FREE to attend and you are very welcome to bring a guest or a colleague.

To confirm your attendance please contact Brendan Hallat Hart Shaw on T: 0114 251 8872 or email: brendan.hall@hartshaw.co.uk. Places are limited so please book early to avoid disappointment.

We look forward to seeing you there.

Hart Shaw events

Follow Brendan on LinkedIn

HMRC extends use of debt collectors

HM Revenue and Customs has appointed 10 debt collection agencies (DCAs) to recover £1 billion in debts.

It was announced in the June 2010 Emergency Budget that, following a successful pilot, HMRC would use private debt collection agencies operating under industry and HMRC standards to boost HMRC’s debt collection capacity and help the pursuit of lower value debts.

In 2010/11 HMRC said that DCAs would attempt to collect an extra £140 million in tax, with the proviso that it would only refer a case to an agency after writing to the debtor to provide a last chance to pay.

Before the case is transferred to a DCA the taxpayer is recommended to take this opportunity to agree repayment terms with HMRC, as these terms may be more beneficial that could otherwise be negotiated with a DCA.

The pilot scheme employed four debt collection agencies and, together with a far tougher stance on liquidating companies and bankrupting individuals for non-payment of tax debts, proved to be such a success that HMRC decided to extend the number of debt collectors.

More than 40 debt collection companies tendered for the business, worth up to £70 million in fees. The successful 10 agencies will enter a two-year arrangement with HMRC.

It is understood that the DCAs will still be collecting relatively small and older outstanding liabilities, in line with the pilot scheme.

There have been concerns in some quarters, however, that the use of DCAs could lead to businesses going into liquidation, as the enforced collection of old and unbudgeted-for debts might be the straw that breaks the camel’s back.

Some experts are also worried that some vulnerable people could be harassed over relatively small amounts.

For further information about DCA’s please contact Emma Legdon, Business Recovery & Insolvency Manager, on T: 0114 251 8850.

www.hartshaw-bri.co.uk

Follow Emma on Linked In

Late payments still a problem for small firms

New research has revealed that unpaid bills still present a major problem for many smaller businesses.

The study by Bacs, which runs the direct debit system, shows that more than half (53 per cent) of SME’s in the UK suffered delays in payment. This was an increase of eight per cent on last year’s figure.

SME’s are owed a total of around £24 billion in unpaid bills, with the average amount of outstanding payments per firm now standing at £27,000.

The research suggests that large companies are mainly to blame, with almost a third of bigger firms failing to send off payments on time.

The problem has also been aggravated by smaller firms having to spend up to half a day a week chasing outstanding invoices. This equates to 158 million hours a year in work time altogether.

Hart Shaw’s Business Recovery & Insolvency department specialise in debt collection so if this is a concern for you and you would like talk to us please contact Emma Legdon on T: 0114 251 8850 or email: emma.legdon@hartshaw.co.uk.

Emma Legdon’s Linked In profile

www.hartshaw-bri.co.uk