New payment rules to benefit SMEs

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 Daily Telegraph