late payment

Plumbers face more delayed payments than any other trade

UK tradespeople are seeing over £1,000 of payments per year withheld by customers following a completed job, with plumbers facing more delayed payments than any other trade. The research, conducted by IronmongeryDirect, found that an average £1,062 is owed to tradies across the UK. A third (33%) said they were waiting for over £1,000 from customers for completed jobs, whilst nearly one in […]

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ECA urges government to ramp up measures agains late payers

The ECA has called on the Government to further ramp up measures against late payers in the private sector supply chain. In its response to a Government consultation on proposed changes to the Prompt Payment Code, ECA stated that Code signatories should commit to pay 95% of invoices from smaller businesses within 30 days. Furthermore, […]

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67% of traders say Christmas period is the worst time for delayed or late payments

Late payments or non-payment are a hinderance to SMEs and sole traders throughout the UK with four in ten applying for loans or other finance, citing cash flow as the reason for applying – according to new research carried out by SmartTrade App. 53% of sole-traders have faced cash flow problems in the last 3 months, with […]

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Six in 10 councils are ignoring the law on prompt payment

The majority of local authorities (59%) are breaching their legal duty to ensure that their supply chain is paid promptly, making it harder for many thousands of small businesses to succeed, according to an investigation by the Electrical Contractors’ Association (ECA). In late September this year, the ECA issued a Freedom of Information request to […]

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50,000 small firms a year close because of late payments

The Federation of Small Businesses (FSB) has published a comprehensive report looking at the way small firms and the wider economy are affected by poor payment practice. The report, ‘Time to Act: The economic impact of poor payment practice’, has found that existing policy interventions have had no discernible effect on tackling problems around the UK’s […]

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