Late Payment

Articles, news and advice on the widespread issue of late payments for UK small businesses. Topics covered include government regulation, debt collection strategies, setting legal deadlines for payment, imposing penalties for delays, and establishing mechanisms for dispute resolution or renegotiation of payment terms.

News

FPB hopes to stamp out late payment

A new campaign which aims to crack down on late payments has gained the support of the Forum of Private Business.

Accounting

Conquering late payment

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

Accounting

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.

News

No rest for credit control

The first quarter of 2011 saw little sign of improvement in late payment times as UK businesses continue to contend with challenging trading conditions.

Accounting

Chasing debt

I invoiced a client three months ago and have been chasing payment since. I'm not getting anywhere, so what should I do?

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?

News

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.

Accounting

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?

News

Small firms urged to pay promptly

In the interests of creating a prompt payment culture where everyone coughs up cash in a timely fashion, the Better Payment Practice Group (BPPG) is calling for small businesses to pay suppliers on time.

News

Bouncing cheques hit business

Almost half of all businesses have been victims of bounced cheques in the past year, according to the Better Payment Practice Group (BPPG), which has reiterated its advice to run credit checks.

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.

Accounting

New rules for businesses to get paid on time

With the European Directive on late payments coming into effect in less than three months, the Forum of Private Business is advising small businesses to revise their terms of trade now to reap the benefits.