Uncategorised

UK small businesses owed £32.1bn in late payments

Posted on

UK small businesses owed £32.1bn in late payments 19th July 2023 New research finds UK small businesses are owed £32.1 billion in late payments, with many considering using personal savings to support up their business UK small business are being hit hard by the worsening economic conditions, squeezed by falling consumer spending, as new research shows late payments are costing small businesses in the UK £31.1 billion. Also, more than a quarter (26%) of small business owners in the UK believe that they will be forced to cease trading if the outlook […]

Legislation

Your Rights

Posted on

Your Rights Legislation was introduced as long ago as 1998 when The Late Payment of Commercial Debts (Interest) Act 1998 came into force. This initial legislation has since been strengthened and extended by the implementation of The Late Payment of Commercial Debts Regulations of 2002 and 2013 The legislation had two purposes. Firstly, to provide compensation to creditors for the late payment of debts. Secondly, to discourage late payment of invoices. The legislation provides for interest to be a statutory right, claimed at 8% over the Bank of England base rate and […]

Uncategorised

Are you prepared for a surge in late payments?

Posted on

Are you prepared for a surge in late payments? James Salmon, Operations Director. 23rd June 2022 As inflation rises and interest rates creep up, late payments are expected to grow significantly! UK businesses are especially going to feel the pressure, with no protection from rising energy costs, supply chain disruption exacerbated by Brexit and the danger the economy could fall into stagflation! About six in 10 companies say they are worried that the risk of late payments will grow this year, according to Intrum’s annual European Payment Report 2022, which […]

Legislation

Late Payment Compensation

Posted on

Your Rights Important legislation was introduced almost a decade ago to combat the late payment of debt. The United Kingdom was one of the first countries in the European Union to implement late payment legislation to help promote a culture of prompt payment. There has been a statutory right to interest for late payment for small firms owed money by large firms or the public sector since 1 November 1998, when the Late Payment of Commercial Debts (Interest) Act 1998 came into force. The Late Payment of Commercial Debts (Interest) Act 1998 […]