US EditionConsultation on Tackling Late Payments to SMEs
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4 Articles
RHA Back Government Late Payments Crackdown
The Road Haulage Association (RHA) has welcomed government plans to crack down on late payments, writes Carol Millett. The aim is to cut the maximum payment time down to 45 days and introduce mandatory interest charges for late payers. Under the government’s Time to Pay Up strategy, announced last week, the Small Business Commissioner will be given new powers to carry out spot checks and enforce a 30-day invoice verification period to speed up r…
Consultation on tackling late payments to SMEs
Late payments tackling poor payment practices The Department for Business and Trade has launched a new consultation on proposed legislative measures to address the issue of late payments to businesses. Late payments can severely disrupt cash flow, prevent businesses from paying their own bills, and in some cases lead to business closure. Small and medium-sized businesses are particularly vulnerable, often lacking the cash reserves to absorb dela…
Late-payment crackdown: can contractors rise to the challenge?
Rob Driscoll is the director of legal and business at the Electrical Contractors’ Association The government’s latest proposals to tackle late payments represent the most ambitious legislative overhaul in over a century. For the construction industry, where withheld retentions, long payment terms and cascading insolvencies… The post Late-payment crackdown: can contractors rise to the challenge? appeared first on Construction News.
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