Current Consultation Papers
The following Consultations are currently being considered:
The Bank of England has published a discussion paper: ‘Should the availability of UK credit data be improved?’. The paper recognises the importance of trade credit as a source of business finance, and chapter 3 looks at improving the availability of credit data to support the provision of credit including consideration of the benefits of the reintroduction of a comprehensive business register.
The list of specific questions is on page 31 and, if you have any views you’d like to be reflected in the Institute’s response to the Bank, please submit them to email@example.com by Friday 18 July.
Changes to UK legislation relating to prompt payment discounts will take effect in relation to supplies made on or after 1 April 2015. From that date, the way many businesses account for VAT when offering prompt payment discounts will change. Currently businesses can issue invoices that give details of the amount of the prompt payment discount and its terms and show the VAT due calculated on the discounted price. If the discount is not taken up HMRC has not required businesses to alter the amount of VAT invoiced and accounted for. After the change businesses must account for VAT on the consideration they actually receive. HMRC is seeking views or suggestions on how the businesses affected should make consequent accounting adjustments which will be used to inform any guidance HMRC may issue. The full consultation can be found here.
If you have any views you would like the ICM to reflect in its response, please send them to firstname.lastname@example.org by 31 July 2014.
The Enterprise and Regulatory Reform Act 2013 contains powers allowing the government to extend existing Insolvency Act provisions relating to the protection of supply of essential utility services for insolvent businesses. The Insolvency Service has launched a consultation ‘Continuity of supply of essential services to insolvent businesses’ which seeks views on the likely impacts of implementing the changes which will extend the powers to include ‘on-sellers’ of utility supplies and to bring IT suppliers within scope. Click here for the Consultation, here for the draft Statutory Instrument, and here for the Impact Assessment.
If you have any comments or views you wish to be reflected in the Institute’s response, please submit them to email@example.com by 8 September 2014.
A number of members regularly contribute when there is a paper reflecting their specialism. If you would like to be emailed with relevant documents please send your name, email and specialism to firstname.lastname@example.org