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New measures have recently been announced by the Department for Business, Energy and Industrial Strategy (BEIS) to clamp down on poor payment practices, which affect thousands of businesses throughout the UK. These measures include:
Since the Small Business Commissioner’s Office was set up to tackle the issue of late payments in 2017 it has already recovered over £3.8 million. The changes seek to further address this issue and create a level playing field for the UK’s 5.7 million small businesses. Promoting a responsible payment culture will pave the way to boost SME productivity, remove barriers to growth and improve cash flow.
If you are a large business and would like to find out more about how these changes may affect you, or are an SME who is owed money, please get in touch.
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