Further to our news article on 1 February ‘Duty to Report on Payment Practices and Performance’, as of 6 April, large companies and Limited Liability Partnerships will be required to start reporting on their payment practices and performance for their next financial year.

“Late and unfair payment terms are a significant threat to small business survival, tightening cash flow and impairing their ability to self-invest and grow. According to BACs, the UK’s small-and-medium sized firms are currently owed £26 billion in overdue payments” writes Small Business Minister, Margot James, in the Telegraph Small Business Connect.

Small and medium sized enterprises (SMEs) make up 99.9% of all UK businesses, creating 60% of all private sector employment. In turn, contributing 47% of all UK private sector turnover. When the UK’s small businesses thrive, the whole country benefits.

To read Margot James’ full article, click here.