The government is to look at longstanding issue of big companies failing to pay invoices promptly. According to a report in the FT on 3 December 2022 Kevin Hollinrake, minister for small business, said: ‘[I] know what it’s like to lay awake at night worrying about when you’re going to pay the bills. It’s not […]
Continue ReadingData from Pay.UK, which runs the Bacs Direct Credit and Direct Debit payment services, shows that late payments to SMEs have reached a four-year high, with 54% seeing delays to payments last year. Reported in the Scotsman, the analysis, which shows that the total late payments bill hit £23bn in 2019, also reveals that more […]
Continue ReadingThe ICAEW accountancy body have expressed concern over late payments and are urging the government to act. Overdue payments are the bane of small business, and it’s been estimated that 50,000 business failures in 2014 could have been avoided if everyone paid within 30 days says Market Finance in its latest communication . What can […]
Continue ReadingDear Mr Bramhall, Thank you for your letter of 14th October following on from the EATV lunch. I was very pleased to attend the lunch and to hear the issues raised. I appreciate your concern about late payments to SMEs. I understand that Ministers in the Department for Business, Innovation & Skills (BIS) have been […]
Continue ReadingThe Times reports that efforts to prevent small companies being abused by large customers are being undermined by a lack of resources and the indifference of Whitehall officials, the former late payment watchdog has warned. Paul Uppal, who stepped down as small business commissioner in October, said his office had been met with “radio silence” […]
Continue ReadingLate payments are forcing SME bosses to self-sacrifice… According to the Construction Enquirer, nearly half of small contractor owners have been forced to stop their own wages due to payment delays by bigger firms. New survey findings from engineering services trade bodies ECA and BESA reveal the devastating impact of unfair payment on construction. Three-quarters […]
Continue ReadingThe Times has reported that small companies bear the brunt of a culture of late payment of commercial debts, with businesses paying their smallest suppliers an average of 30 days after their biggest trading partners. An analysis of almost 11 million invoices totalling £24.6 billion found that the problem of late payments was rife throughout […]
Continue ReadingAs with the USA, improving the UK’s sagging productivity is a big economic issue. One of the issues is developing skills and SMEs are often happy to help support this by taking on apprentices. However, currently such employers have to pay full wage for the 2 days a week or so that apprentices are at college (less […]
Continue ReadingUnfortunately, according to the Office of National Statistics in February 2016, “The U.K.’s ‘productivity gap’ of about 14% is about twice as large as the gap for the rest of the G7” Quoted in the FT, Ann Francke, chief executive of the Chartered Management Institute (CMI), said one problem is that in the […]
Continue ReadingLarge companies will be required to publish details on how quickly they pay their suppliers, under draft regulations released on 2 December 2016 by Small Business Minister Margot James. This is part of a package of measures to tackle late payment, which will also include the appointment of a Small Business Commissioner From April 2017 […]
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