Small Firms Have Little Faith in Prompt Payment Code
Posted on 1 June 2015
Research published by the Small Business Federation (FSB) has revealed the scale of the UK's late payment culture and has suggested the need for an independent inquiry before the end of the year.
Of the business surveyed by the FSB, 39% said that they were only offered terms of longer than 30 days, 43% saying that have waited more than 90 days beyond the agreed payment date before receiving monies owed.
John Allan, National Chairman of the FSB stated: "there is knock-on effect right down the supply chain, which undermines the UK economy as a whole. Late and poor payment practices are holding back our economy and pushing potentially successful firms out of business".
If your business is struggling because of late payments by creditors or you are experiencing other cash flow difficulties then speak with one of our South West based Business Restructuring experts or arrange to meet at one of our regional offices in Bristol, Newton Abbot or Plymouth.
The Prompt Payment Code (PPC) sets standards payment best practice and is administered by the Chartered Institute of Credit Management.
I always recommend clients requiring specialist insolvency advice speak to Byrne Associates as I am confident that they will receive, empathetic and appropriate advice, reflecting well on my practicePeter (PB accountancy )
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