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Research by both the Government, the FSB (Federation of Small Businesses) and payment company Bacs clearly indicates that late payment is a major concern for small businesses.

Despite 2013 legislation stating that debtors not paying within 60 days (for businesses) or 30 days (for public authorities) will be forced to pay interest and reimburse reasonable recovery costs, around 85% of SMEs are affected by late payments or non-payment, damaging their cashflow and often forcing them to use expensive overdrafts or become late payers themselves. Is your business in that 85%? Then here are our top tips for tackling those late payments.

Before you go ahead with either of these options, make sure you follow the links and read the information the Government provides carefully. Claims must be filed correctly, as errors may end up costing you money instead.

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

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