by Nicky Smith | 10 May, 2017 | Main News Feed
The growth prospects of construction SMEs are being potentially stalled due to late payments, according to research commissioned by Crossflow Payments, the Fintech platform delivering supply chain finance solutions.
The findings also come against the backdrop of the introduction (6 April 2017) of new government obligations requiring large businesses to publicly report on their payment practice to suppliers. Although this starts to quantify the problem at an individual corporate level, including whether they use supply chain finance solutions, it serves as a reminder of the need for further progress to be made in ensuring SMEs are able to receive prompt payment from customers.
Of construction SMEs surveyed, an average 15.4% of the annual turnover was subject to late payment in 2016, equivalent to an estimated £22.6 billion for the sector as a whole. Eleven of 25 of small construction companies who receive payment late for invoices admit payment is regularly late by more than ten days, and a quarter says that they receive payment for invoices late.
The findings convey the economic opportunity at stake if construction SMEs are able to boost their working capital by receiving payment for invoices quicker, with tangible business benefits identified by businesses.
Over a fifth, (21%) of construction SMEs surveyed said they would increase marketing and sales budgets, while 21% said they would hire more staff, and another 18% said they would increase the wages of existing staff.
About Crossflow Payments
Crossflow Payments is a technology-driven alternative finance platform delivering an innovative supply chain finance solution to large corporates and their suppliers. Its unique payment platform improves working capital for businesses whilst providing SMEs with instant access to finance against their outstanding invoices without the need for onerous personal guarantees.
by Nicky Smith | 10 May, 2017 | Main News Feed
The National Interior Specialists Training Group (NISTG) has secured funding to supplement the cost of some training for FIS members. Simply send your invoice to erikaskinner@thefis.org and we will refund 50% of the course cost (up to a maximum value of £250 per delegate, £1,000 per company). See the full terms and conditions below.
Funding is available for the following range of courses:
- Site Safety Plus courses
- Marketing courses
- Financial and E-procurement courses
- Green Deal and Sustainability training
- Specialist Plant Training
- Management and Leadership
- ICT skills and Legislation
As a guide, the grant funds most of the courses that are supported through CITB training plan grant. For example:
- Financial and e-procurement courses
- Green Deal and sustainability training
- Information and communications technology (ICT) courses
- Legal courses
- Management and leadership courses
- Marketing courses
- Site Safety Plus courses
- Specialist plant training
Terms and conditions
- Maximum claim of £250 per delegate, £1,000 per company
- Training must be carried out by delegates who are currently employed by or are NET (taxed) CIS Construction Industry Scheme sub-contractors of CITB registered employers
- Training must have taken place between January and May 2017 and have been completed
- Invoices supplied must show the full costs of the training which have been carried out including venue fees, trainer fees and training materials
- Supply your bank details – once approved payment will be made by bank transfer
- Funding is limited so cannot be guaranteed
by Nicky Smith | 4 May, 2017 | Main News Feed
The latest edition of the Joint Taxation Committee’s Newsline for May can be downloaded here. Liz Bridge reports that there seem to be some problems with CIS online verifications, particularly of partnerships. If any member experiences difficulty, can they contact Liz as she requires examples to show HMRC. Email liz@thetaxbridge.com
Other items of interest include:
- Making Tax Digital
- Apprenticeship Levy
- Call for evidence: employee expenses
- Topping up a poor NIC record
- Tax-free allowances on property and trading income
- NEW – Employment status indicator online tool
- Tax codes
- Cash basis for calculating taxable profits
by Nicky Smith | 3 May, 2017 | Main News Feed
We are proud to advise that Cath, Clair, Erika, Sharon, Nicky and Carole, who are based at the FIS office in Solihull, are donning their pink gear to take part in Cancer Research UK’s Race for Life on Saturday 15 July. Our team, aptly named ‘Can the FIS ladies finish?’ will tackle the Pretty Muddy 5k obstacle course which includes scrambling over an A-frame and crawling through a mud pit, in an effort to raise valuable funds to help beat cancer. This is a charity dear to our hearts as two of the FIS team have fought the disease during the last two years, so your support would be much appreciated.
Visit the ‘Can the FIS ladies finish?’ fundraising page at https://fundraise.cancerresearchuk.org/page/can-the-fis-ladies-finish to make a donation or if you can come along to Cofton Park in Birmingham to cheer us on, we would love to see you. We will be crossing the start line at 10.45am 😊
by Nicky Smith | 3 May, 2017 | Main News Feed
A summary of the data from the Markit/CIPS Construction PMI® for April revealed that construction growth picked up in April, driven by work on civil engineering projects.
Other key findings include:
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- Sharpest rise in total construction output so far in 2017
- Civil engineering expands at fastest pace for 13 months
- Suppliers’ lead-times lengthen to greatest extent since June 2015
To view the full report, click here.
by Nicky Smith | 28 Apr, 2017 | Main News Feed
We are pleased to announce the launch of our latest publication A Client’s Guide: Office Fit-Out and Refurbishment.
For many clients, creating an office fit-out that suits their business needs, their customers and staff – and having it happen on time, to specification and to budget – can seem daunting. This has prompted FIS to create the guide to not only assist them with the process but to also promote the outstanding work which FIS members carry out.
The guide will enable contractors to demonstrate that they follow best practice; for architects and designers, they can aid their clients in understanding the fit-out process, highlighting the importance of design.
The launch took place on Thursday 25 May during Clerkenwell Design Week, an annual event where showrooms open their doors, launch new products and hold events and seminars. The event was well-attended and free copies of the guide were available. To download a PDF version of the guide, go to our Publications page.
