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Late Payment Update

Posted on December 19th, 2016


Late Payment Update

As of June 2015, the overall level of late payment owed to small and medium sized businesses was reported as £26.8 billion. HMG has now finally set out measures to expose and increase the transparency of late payment practices.

Large companies will be required to publish details on how quickly they pay their suppliers, under draft regulations released on 2 December 2016 by Small Business Minister Margot James.

  • From April 2017 large businesses will have to publish details twice a year on the average time taken to pay supplier invoices
  • This is part of a package of measures to tackle late payment, which will also include the appointment of a Small Business Commissioner

Not a panacea, but a step forward – clear legal sanction for non-compliance is now needed.