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Review aims to crack down on the scourge of late payments to SMEs

As the cost-of-living crisis continues to bite, late payments can have a dramatic effect on SMEs and firms they do business with. 

Is there enough for the business to pay its staff, buy stock and an owner to pay themselves a salary? 

Now a new initiative has been launched by the Government to help small businesses currently being hampered by larger firms, with £23.4 million in invoices currently outstanding for smaller firms. 

The Payment and Cash Flow review to tackle late payments for small businesses has been launched by Business Secretary, Grant Shapps. 

The review will look at: 

A consultation on the payment reporting regulations, setting out specific proposals on renewal and improvement of these duties, will also be examined.  

The Government says it will undertake early engagement with stakeholders to refine themes and questions. 

They will be invited to submit written evidence if they wish and will offer opportunities to discuss these matters in meetings and roundtables with Government and/or the Small Business Commissioner, Liz Barclay. 

Each session could include both business representative organisations and business owners. 

Delivery of a conclusions document is expected in 2023. 

Need help with managing late payments and cashflow? Contact us today. 

 

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