As part of the government's Small Business Plan, published by the Department for Business and Trade (DBT) on 31st July, there is an onus on tackling late payments in an effort to save SMEs time and money chasing invoices, improve cashflow and boost economic growth.
Respond to the consultation
The government has published a consultation on proposed legislation to tackle late payment, including greater powers for the Small Business Commissioner.
Businesses in all sectors and of all sizes are encouraged to respond to the consultation to ensure their views are taken into account.
There are some specific proposals relating to the construction industry, with responses welcomed from those in the sector.
Find the consultation questions and full details on how to respond >
You can also head straight to the online consultation here >
The consultation will run until 23rd October 2025.
Tackling the cost to UK businesses
According to research commissioned by DBT and the Small Business Commissioner, late payments cost the UK economy approximately £11 billion per year, and cause 38 UK businesses to close down every day.
On average, the 1.5 million small businesses affected spend 86 hours chasing payments. Each of those 86 hours is worth a total of £25 million to those businesses.
Read more about this research here >
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