7/4/17 .

New payment rules to benefit SME’s.

Writing in the Telegraph, small business minister Margot James details new rules requiring large companies and LLPs to start reporting on their payment practices and performance for their next financial year. Starting from yesterday, large businesses will twice a year have to publish information on the average time taken to pay their supplier invoices. Every business that has exceeded two of three measures over the previous two years (£36m turnover; a balance sheet total of £18m; or 250 employees) will have to meet these requirements. Ms James says the new rules should help speed up payments to the UK’s SMEs, which are currently owed £26bn in overdue payments.

The telegraph says “Late and unfair payment terms are a significant threat to the survival of small businesses, tightening cash flow and impairing their ability to self-invest and grow. ”

The Credit Protection Association, operators of the payontime.co.uk website passionately believe that businesses deserve to paid on time.  For too long, big business has used its weight to inflict bad payment practice on the SME’s it trades with. The Credit Protection Association welcomes any measure that helps SME’s get paid on time.

The Daily Telegraph