"It is simply unacceptable that so many businesses are forced to shut due to late payments. These are the strongest, most robust changes to payment laws in over a generation."
"The measures would help prevent large companies from using smaller suppliers as a source of 'free credit'."
"A 60-day payment window still falls short of best practice, arguing that a 30-day standard should remain the long-term goal."
New legislation in the UK targets late payment practices by large companies, imposing multimillion-pound fines for delays. The Small Business Commissioner gains enhanced powers to investigate and penalize offenders. A mandatory 60-day payment window is established for companies with revenues over £54 million. Suppliers can charge statutory interest on overdue invoices, increasing costs for larger firms. Companies breaching payment standards must disclose practices in annual reports. The reforms are seen as a significant overhaul of payment laws, addressing long-standing issues faced by small businesses.
Read at Business Matters
Unable to calculate read time
Collection
[
|
...
]