image

Small businesses severely impacted by late payments

Because half of smaller suppliers continue to receive late payments from their clients, the government is being urged to step up efforts to crack down on late payers.Data from the Federation of Small Businesses reveals that between April and June, half of the 1,300 small business owners and sole traders surveyed for its quarterly research reported being paid late, and one in five said the problem was getting worse. This comes as two important initiatives to address the issue stall.Late payments are estimated to cost small businesses, which employ more than 10 million people, an annual total of over £50…