Only 52 per cent of invoices beatific by micro businesses are paid on time
Nearly bisected of Britain’s micro businesses are adversity from abiding backward payments from clients.
Just 52 per cent of invoices beatific during 2017 were paid on time or aural three canicule of acquittal deadlines, according to ysis by accountancy software close FreeAgent.
Peterborough was the affliction abode to do business with, as 68 per cent of micro-business invoices were paid late. Sheffield and Stoke-on-Trent were the runners up.
FreeAgent ysed abstracts from a sample of its 50,000-strong chump abject and ysed bags of invoices beatific aftermost year.
Micro businesses are those authentic as accepting up to nine employees.
Separate ysis by FreeAgent has additionally appear that a division of Britain’s micro businesses accept had to delay amid three and six months, while 10 per cent had a applicant who has never paid them at all.
Seventy per cent of respondents said they appetite the government to acquaint legislation that would accredit business owners to accept advantage from backward payers.
And 59 per cent of respondents acquainted the government should apparatus an official cipher of conduct for companies to chase back it comes to clearing invoices.
Last December the government appointed a Small Business Commissioner to advice arbitrate disputes amid SMEs and ample companies that accept a ability of advantageous late. This anniversary SME appear that the SBC had helped achieve £400,000 account of invoices to date.
The government has additionally alien legislation that will accredit SMEs to borrow a allotment of what they are owed by creditors for the aboriginal time. Third-party financiers will be accustomed to accommodate to SMEs adjoin outstanding invoices.
Ed Molyneux, CEO and co-founder of FreeAgent, said: “While backward payments are an affair beyond the UK abridgement as a whole, our ysis reveals aloof how boundless it is aural the freelance and micro-business community.
“Micro-business owners don’t accept the affluence of actuality able to blot backward payments into their accounts – they charge to get paid promptly to accumulate their banknote breeze healthy. Backward payments put freelancers and micro-businesses at cogent risk, and we charge stricter measures in abode to accouterment backward acquittal culture.”
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