Will Promised Action On Late Payments Have Any Impact?
If you are self-employed chances are you will have experienced the scourge of late payments at some point. We recently spoke to a self-employed tradesperson who had to turn down a big job because the 90-day payment terms of the corporate meant he couldn’t afford the cashflow to pay his colleague in the meantime. There […]
Late Payments Particularly Brutal For Self-Employed
If you’re self-employed then you’ll probably already be familiar with the scourge of invoices being paid late, and the challenges that presents both to you and your business. This is not a new issue, the problem of late payments has been around for years and is the reason why the government instigated the Small Business […]
Prompt Payment Code Halves Payment Times to SMEs
As of 1 July 2021, large firms signed up to the Prompt Payment Code will have to pay small businesses within 30 days. Failure to do so could result in the firm being suspended from the code. Large businesses will have to pay 95% of invoices to firms with less than 50 employees within 30 […]
Reforms to Prompt Payment Code Should Mean Freelancers Get Paid Quicker
An overhaul of the Prompt Payment Code (PPC) to crack down on delayed invoices owed to small businesses has been announced by the government. Under new reforms, companies that have signed up to the Prompt Payment Code will be obliged to pay small businesses within 30 days – half the time outlined in the current […]