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News - 30 April 2014

Late payments to smaller firms on the increase

In the latest banking and finance survey by the Forum of Private Business (FPB), nearly one in four smaller firms experienced an increase in the number of late payments during 2013.

Nearly one in three firms surveyed reported an increase in the average number of days beyond the payment deadline that payments were made. Almost one in five experienced an increase in both the number of late payments and the days taken to pay. It is estimated that more than £30 billion still remains 'tied up in late payments'.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“39% of businesses surveyed would like to see prompt payment better promoted, 37% would prefer to pay VAT on money that has entered their account rather than when an invoice is submitted and 36% wanted to see persistent late payers barred from government contracts.”

The Government is considering the responses it has received to a recent late payment discussion paper, which revealed ample ideas for tackling the issue in a more robust manner including the reintroduction of compulsory reporting of company payment terms and practices, and annual checks for Prompt Payment Code signatories.

If you need any help and advice on Budgets, Cash Flow Forecasts and Management Accounts, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients
Mindful of our client’s long term strategic goals

Helping Your Business is Our Business
 

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