How to Deal With Late Payments

Government Reveals Regulations For Late Payment Reporting Ahead of April Launch

Government Reveals Regulations For Late Payment Reporting Ahead of April Launch

The government has revealed new regulations to be induced for late payment reporting ahead of its April launch. Published by small business minister Margot James, the announcement has confirmed that from April 2017 large companies will have to publically report twice a year on their payment practices – including and the average time it takes them to pay supplier invoices. Companies who fail to adhere to the new regulation could be criminally prosecuted, and it’s hoped the new measures will help “shine a spotlight on bad payment practice and lead to improved standards.” Just last December it was revealed that just 51% of all small businesses are paid on time, with just 24% of all invoices settled within three days of being issued. James said: “The UK is home to a record five and a hal... »

How to Deal with Late Payments As a Small Business

How to Deal with Late Payments As a Small Business

It’s a fact that can be a little hard to swallow at times, but there will come a point within your time of owning a business where payments will be late. It starts as business as normal; the brief was set, the work was completed, the invoice was sent – then……nothing. The time has come when you need to chase the payment, but let’s be honest, it’s not the most desirable part of the job – especially for us painted smile and gritted teeth super polite British folk. A survey conducted last year suggests that the average small to medium businesses in the UK are owed £40,857 in unpaid invoices, with more than 50% of the total being overdue. 1,000 businesses were surveyed, and 23% of them said that these late payments have put them at risk of closing. Chasing a late payment can be one of the most ... »