Finance News

Changes to the Finance Act 2020 and the potential impact on borrowers

You will no doubt be aware that as of 1st December 2020, HMRC has once again become a preferential creditor in company insolvency cases.

What does this mean in practical terms?

When a business enters into insolvency, HMRC will now rank ahead of floating charge holders and unsecured creditors and will be paid first for VAT, PAYE, employee NIC’s and Construction Industry Scheme deductions.

Threat of cyber attacks on the rise for finance businesses

Financial companies are being warned to be more vigilant than ever with their data protection and cyber security. 

Recent research conducted by data security company Clearswift has concluded that 70% of companies in the financial sector have experienced a cyber security incident in the last 12 months.The research found that almost 50% of the incidents reported were due to employees failing to follow security and data protection policies. 

Finance is going 'green'

The government announced its Green Finance Strategy earlier this month, further sealing the UK’s position as global climate leader.