Patterson Hall Chartered Accountants’ Post

🚨 Significant Updates for SMEs and Large Corporations: Addressing Late Payments 🚨 The UK Government has introduced a comprehensive set of reforms aimed at tackling late payments, an issue that burdens SMEs with an average annual cost of £22,000 and contributes to 50,000 business closures each year. Key developments include: ✅ Introduction of the Fair Payment Code – Replacing the previous Prompt Payment Code, this new initiative sets higher standards for payment practices, with businesses being recognized through Gold, Silver, or Bronze status. 📊 Enhanced Reporting Obligations – Large enterprises will now be required to disclose their payment practices within their annual reports, increasing transparency and accountability across supply chains. ⚖️ Stronger Enforcement Measures – Directors of non-compliant companies could face criminal prosecution and unlimited fines if they fail to report payment practices. 📢 Consultation on Tougher Legislation – The Government will be consulting on further measures to hold large businesses accountable, ensuring timely payments that support the growth and sustainability of 5.5 million small businesses. By addressing late payment practices, the Government aims to unlock significant growth opportunities for SMEs, allowing them to invest in their workforce, increase wages, and expand into new markets—rather than focus on chasing overdue payments. Read the full details here: https://lnkd.in/eZUjpEiv #BusinessGrowth #SMEs #LatePayments #FairPayment #CorporateAccountability #GovernmentReform

🎉 Small businesses of Great Britain, we bring you good news - the government has announced a crackdown on late payments in a major support package for SMEs ⏱️ head to the link below where we’ll bring you up to speed on why late payments are a big problem for small businesses, what the government changes are, what you can do to minimise late payments 👏 #SME #businessaccount #latepayments #smallbusiness

Positive News for SMEs: Government Cracks Down on Late Payments! 🌟 The UK government has announced new measures to tackle the late payment culture, which costs SMEs an average of £22,000 per year and leads to thousands of business closures annually. This is a huge step forward for small businesses, giving them more protection and transparency when dealing with larger companies. What’s Changing? 📈 A new Fair Payment Code is being introduced to ensure faster payments. 🔍 Larger businesses will be required to report their payment practices, making it easier to identify and avoid slow payers. ⚖️ Tougher laws are being considered to enforce timely payments and penalize companies that delay paying their small suppliers. This is a win for SMEs across the country! Let's continue pushing for a business environment where smaller companies can thrive without the constant worry of late payments. #PositiveChange #SMEs #BusinessNews #LatePayments #FairPaymentCode #BusinessGrowth

For small business owners, timely payments are crucial for maintaining cash flow and growth. It's great to see the government taking steps with the Fair Payment Code to address late payments that cost SMEs so much. Fortunately, most of my clients have been fantastic with prompt payments. That said, having had to chase delayed payments is draining, impacts morale, and has dire consequences on cash flow. Let's support initiatives that ensure all businesses, big and small, pay on time. On-time payments mean stronger businesses and a healthier economy for all 🌱. #SMEs #LatePayments #FairPayment #BusinessGrowth #OnTimePayment

📢 New Blog Alert: How Late Payments Are Impacting UK Businesses 🏦 Late payments can disrupt cash flow, delay growth, and even threaten the survival of small and medium-sized enterprises. In our latest blog, we dive into the impact of this issue on UK businesses and share key insights on how to mitigate the risks. Is your business affected? Find out more and explore solutions in our blog! 💡👇 #LatePayments #UKBusiness #CashFlow https://lnkd.in/eQW_6Tyv

Yesterday the UK government announced measures to tackle late payments affecting small businesses. Key initiatives include a new Fair Payment Code, stricter company reporting for large businesses, and enhanced enforcement of existing regulations. Additionally, there will be a review of existing payment practices and the introduction of a Business Finance Council. These efforts aim to ease cash flow pressures on SMEs, enabling them to invest, grow, and support the economy. A consultation on further measures will follow to ensure fair payment practices are upheld. Read more: https://lnkd.in/d9-jyvHr

Crack down on late payments in major support package for small businesses The UK government has introduced a new package of measures to address late payments to small businesses, which cost SMEs £22,000 annually and stifle growth. The initiatives include a Fair Payment Code and stricter rules for large businesses to report payment practices. Tougher enforcement on late payment laws is planned, with potential fines and penalties for non-compliant companies. These changes aim to boost cash flow, support growth, and improve trust within the business community, ensuring that SMEs are paid on time, enhancing their ability to invest and expand. Read more: https://lnkd.in/gffUFjzQ #UKGovernment #SME #SmallBusiness #BusinessNews #BusinessSupport

Some brilliant insight here into the age old problem of late payment and what businesses can do to protect themselves 💪

Crack Down on Late Payments in Major Support Package for Small Businesses Tina McKenzie MBE, Policy Chair at the Federation of Small Businesses (FSB), said: This is what real change looks like. Listening to small firms and prioritising action to tear down each and every barrier to growth. The Business Secretary has clearly recognised the importance of eradicating bad payment culture, which so devastates the UK supplier base and holds back growth. This series of actions today – including the crucial steps being taken to deliver on Jonathan Reynolds’ commitment on audit committees – shows the Government is rightly focused on delivery and working in partnership with the business community. There will be so many decisions the Government needs to get right, early – an actively pro-small business budget, a good industrial strategy and tackling late payment. Announcing this programme of work today is a huge confidence boost for the small business community and a clear signal the new Government intends to stand up for small firms. https://lnkd.in/e--ZpTde Keir Starmer Liz Barclay Emelia Quist Caroline Lavelle Julie Lilley Sage Steve Hare Terry Corby CMgr CCMI Good Business Pays #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

🚨 Crackdown on Late Payments to Boost SMEs 🚨 The UK government has unveiled a major package to tackle late payments, costing SMEs £22,000 annually and 56 million hours in lost productivity! New rules, including a Fair Payment Code and stricter company reporting, aim to lift this burden and fuel growth. #SMEs #BusinessSupport #Productivity #taxes What are your thoughts on this initiative? https://lnkd.in/evUhgSPf