Late Payment

The Late Payment archive.

Accounts & Tax

Tackling late payment: First-hand advice from small businesses

In this article in association with the Federation of Small Businesses, we look at how businesses are managing the problematic situation of being paid late.

Accounts & Tax

New study shows extent of late payment crisis in UK

Nearly a quarter of all small and medium-sized enterprises in the UK are facing a potential financial crisis due to late payment of invoices, new research finds.

Outlook

Late payment worsens for businesses year-on-year

Businesses paid bills a day later during the second quarter than at the same point last year, research finds.

Accounts & Tax

Conquering late payment

Clive Kahn, CEO of payment solutions company CardSave, considers how small businesses can combat the UK's late payment culture.

Accounts & Tax

Survey: Corporates to blame for late payment

Large corporates are most responsible for the late payments making up the £24 billion owed to British small and medium sized enterprises, research finds.

Legal advice

Interest on outstanding invoices

Question: My husband is a sole trader and subcontracts from a big company. We have outstanding invoices (some as old as over 300 days). Can we charge interest on them until they are paid?

Outlook

FSB: Small businesses exploited

Many small businesses are being exploited by their larger counterparts during the economic crisis, the Federation of Small Businesses (FSB) remarks.

Accounts & Tax

Chasing bad debt

I am a freelance designer and I find it impossible to get people to pay me on time. What’s worse, I often end up taking a discount on what I have charged just to get paid because I am short of money. What can I do?

Legal advice

Ensure you set your payment terms

Small firms should clarify terms of business with their large customers from the outset of their trading relationship according to Clive Lewis, chairman of the Better Payment Practice Group (BPPG) - a service providing free advice on credit management.

Law

Late payments legislation due for early delivery

A European Commission Directive that gives businesses the right to claim interest on late payments will come into effect on 7 August 2002, three months earlier than envisaged.

Opportunities