Customer invoice headache

Customers continue to cause headaches for many small and medium-sized enterprises in the UK by offering elaborate and far-fetched excuses for the non-payment of outstanding invoices.

It seems the reasons being given for the delay in payment are becoming increasingly creative.

New research from the UK’s leading independent invoice financier Bibby Financial Services reveals that the advent of fast and secure automatic payment transfer systems has seemingly led to many UK businesses becoming more inventive with their reason for delaying payments.

According to Bibby’s research, 34 per cent of businesses claim they are unable to pay because the company accountant is unavailable or the person responsible for signing the cheques is out of the office on annual leave or at off-site meetings.

A third are content to blame delivery companies for the non-arrival of a cheque, claiming it has already been despatched or believing there to be a problem with the postal system.

Despite systems such as the Clearing House Automated Payment System rendering hackneyed excuses such as “the cheque is in the post” almost redundant, more than one in 10 attempt to pull the wool over their suppliers’ eyes by citing inadequacies with the bank.




Open day on the menu



THE Oldham group of the Business for Breakfast networking franchise is holding an open day next Friday.



This group of local business owners meets at The Falcon Business Centre, Victoria Street, Chadderton, at 6.45am every fortnight.

It is looking for new members in several business sectors, as it looks to expand.

Key sectors it is looking for include printers, estate agents, florists, recruitment consultants, charities, event management/organisers, photographers, banks and builders.

To attend, e-mail brendan @nsm.uk.com or call Brendan Burke at The New Start Group of Companies on 0161-628 2223.




Chamber on awards shortlist



GREATER Manchester Chamber’s International Trade team has been shortlisted for the Excellence in International Trade gong at this year’s British Chamber Awards in London on November 26.



The team has a history of success at the event having won twice previously. The news comes as the Chamber bids to secure the UK Trade and Investment contract in the North-West for a further three years.

Angie Robinson, chief executive at Greater Manchester Chamber, said: “We really value the work of our international trade team and the positive feedback we get from our members.”




Pension rulebook changes



THOSE of you who were born between April 6,1955, and April 6, 1960, need to be aware that pension rules are changing — preventing access to a state pension for another five years . . . unless you act quickly.



On April 6, 2010, the minimum retirement age leaps from 50 to 55 as part of the Government’s efforts to encourage people to work longer.

This change will affect more than four million Brits who would be eligible to take early retirement under the current rules.

Eric Mowinski, of Landmark Financial Planning, Diggle, said: “The change in regulations has gone largely unnoticed by the general public.

“It will be a missed opportunity for many who could benefit from early retirement.

“The rules regarding how pensions can be taken is flexible and goes beyond the purchase of an annuity.

“For instance, it may be convenient to take a tax-free cash sum to pay off a mortgage balance.

“It is also no longer a requirement to stop working to take pension benefits and this can be very useful for short and long-term financial planning.”

To keep up-to-date with the latest developments in investment and financial planning visit www.land markpensions.co.uk/blog to register.




Snippers’ fear



THE National Hairdressers’ Federation wants the Government to hold back on hiking VAT back up to 17.5 per cent in the New Year. The hairdressing trade body fears the 2.5 per cent increase will stifle potential for growth in the economy at the back end of the recession.