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May Newsletter 2018

The government estimates that 20% of small businesses in the UK have encountered cashflow issues as a direct result of late payments. Were small businesses to be paid on time, it is thought that around an extra £2.5 billion could be channelled into the UK economy annually.

In late 2017, the government launched its new Small Business Commissioner service, with the stated aim of helping the UK’s 5.7 million small businesses to get paid on time. The complaint handling service is managed by the new Small Business Commissioner, Paul Uppal, and seeks to resolve disputes relating to unfair payment practices and late payments. The Small Business Commissioner’s website offers guidance and advice to firms on payment issues, and suggests suitable courses of action to take in the event that a payment becomes overdue.