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... »