ACCA backs UK Government’s plan to overhaul late payment rules

Late payment rules to include mandatory interest and 60-day cap - Small Business UK

By Anna Jordan on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs The government is setting out a plan aiming to tackle late payment. New rules include a 60-day cap on payment terms to small businesses and mandatory interest applied to late payments. These proposals have followed a period of consultation. However, actions will need to go through a period of primary and secondary legislation, which will be delivered ‘as soon…

ACCA backs UK Government’s plan to overhaul late payment rules

The Association of Chartered Certified Accountants (ACCA) has welcomed the UK Government’s plans to tighten rules on late payments, saying the changes could “transform the cash flow of the small business sector”. The proposals, set out by the Minister for Small Business and Economic Transformation, Blair McDougall, are intended to help small businesses address late payments. According to a government statement, the Small Business Commissioner wi…