Catagory / Prompt Payment

UK ministers to review late payments to small businesses

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 […]

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Supply chain finance exists because companies don’t pay promptly. The Greensill type of financial engineering just ducks the real issue and its rational would disappear with a simple legislative imperative to pay on demand and release the billions of tied up cash to the economy. Faster supplier payments would destroy the Greensill raison d’etre. It’s […]

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Prompt Payment Code improvements

Sky news reports that the Government has announced that the voluntary Prompt Payment Code is to be improved from 1 July 2021, requiring large businesses to pay 95% of small supplier invoices within 30 days, down from 60 days. Regrettably, the 60 day target will remain for suppliers with more than 50 employees, presumably because larger suppliers are […]

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£23bn withheld from stressed SMEs in 2019 by late payers…

Data 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 […]

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ICAEW say late payment bullies need to be stood up to and in the new parliament, late payment should be seen as a key priority.

The 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 […]

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Letter from Theresa May – 24th October 2013… Re Late Payments

Dear 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 […]

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Government indifferent to late payment says former small business commissioner

The 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” […]

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Large firms continue to abuse SMEs by witholding payments…

Late 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 […]

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Big suppliers prioritised over SMEs when it comes to paying the bill…

The 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 […]

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SMEs continue the uphill struggle to get paid on time…

The Times recently reported a study by fintech firm Previse which showed that small suppliers are paid an average of 30 days later than the largest firms. The Times Analysis of almost 11m invoices totalling £24.6bn showed that suppliers invoicing for less than £10,000 a year did not have their bills processed until 35 days […]

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