Catagory / SMEs

£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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The apprenticeship…

As 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 […]

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“Most car-owners believe they are above-average drivers, most companies might well believe they have above-average levels of productivity”…Andy Haldane, Bank of England

  Unfortunately, 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 […]

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The government has at last set out measures to increase transparency of payment practices to support small firms. Clear legal sanction for non-compliance is now needed.

Large 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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Stop late payments, save 50,000 small businesses…

This is the call from the Federation of Small Businesses (FSB), which has found that existing policy interventions have had no discernible effect on tackling problems around the UK’s poor payment culture in the last 5 years. Small businesses report that, on average, 30 per cent of payments are typically late compared with 28 per […]

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