Published 09/19/2024 10:46:44 a.m.

Government to crack down on 'scourge' of late payments to SMEs

Summary by BusinessCloud.co.uk

The government has unveiled new measures to support small businesses and the self-employed by tackling what it calls the ‘scourge of late payments’. The issue, which is costing small businesses £22,000 a year on average, leads to 50,000 business closures a year. The government will consult on tough new laws which it says will hold larger firms to account and get cash flowing back into businesses. In addition, new legislation being brought in the…

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BusinessCloud.co.uk

Government to crack down on 'scourge' of late payments to SMEs

09/19/2024 6:58:14 a.m.

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Business News Wales

New Measures to Crack Down on Late Payments to Small Businesses

New measures have been unveiled which aim to tackle late payments to small businesses. The UK Government said it would consult on tough new laws which will hold larger firms to account. It also said that new legislation being brought in the coming weeks would require all large businesses to include payment reporting in their annual reports – putting the onus on them to provide clarity in their annual reports about how they treat small firms. En…

09/20/2024 10:15:17 a.m.

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Business Matters

Government targets large firms in crackdown on late payments to small businesses

The UK government is set to introduce new measures aimed at tackling late payments by large firms to small businesses, an issue that contributes to the collapse of 50,000 SMEs every year. On average, delayed payments cost small businesses £22,000 annually, according to research from the Department for Business & Trade (DBT) and the Federation of Small Businesses. A consultation has been launched to explore “tough” new laws designed to hold large…

09/19/2024 8:48:52 a.m.

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Fintech Finance

Crack Down on Late Payments in Major Support Package for Small Businesses

The government has unveiled new measures to support small businesses and the self-employed by tackling the scourge of late payments, which is costing small businesses £22,000 a year on average and leads to 50,000 business closures a year. The government will consult on tough new laws which will hold larger firms to account and get cash flowing back into businesses – helping deliver our mission to grow the economy. In addition, new legislation be…

09/20/2024 1:21:28 p.m.

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constructionnews.co.uk

Government announces fresh ‘crackdown’ on late payment

The government has announced a fresh “crackdown” on late payment, with measures including broader reporting rules, a Fair Payment Code and consultation on “tough new laws”. While large companies are already obliged to report on their pay performance, the government has said new legislation “introduced… The post Government announces fresh ‘crackdown’ on late payment appeared first on Construction News.

09/19/2024 11:26:09 a.m.

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