Cash flow is the backbone of any small business, yet late payments continue to be a major challenge for entrepreneurs across the UK. According to the Federation of Small Businesses (FSB), around 50,000 businesses close annually due to cash flow problems caused by overdue invoices. To help combat this issue, the UK government has set up the Small Business Commissioner (SBC) to support businesses in tackling late payment disputes and improving payment practices.
Why Late Payments Are a Problem
Late payments can cause severe disruptions to business operations, affecting your ability to pay employees, invest in growth, and maintain supplier relationships. Delays in receiving funds can lead to increased borrowing, higher interest payments, and unnecessary stress for business owners. Worse still, chasing unpaid invoices can be time-consuming and frustrating.
How the Small Business Commissioner Can Help
The SBC is an independent public body that provides free support and advice to small businesses dealing with late payment issues. Services include:
Practical Steps to Avoid Late Payments
To protect your business from cash flow disruptions caused by late payments, consider these strategies:
By implementing proactive measures and utilising available support, small businesses can reduce the impact of late payments and maintain a stable financial position.
03/07/2025 - More...
Side income over £1,000 may mean filing a tax return. HMRC is urging part-time earners to check their tax position for
03/07/2025 - More...
Registering for payroll is essential when hiring staff. From HMRC registration to legal compliance, getting payroll
03/07/2025 - More...
You must tell HMRC if you no longer need to file a tax return. Whether you have stopped trading or no longer rent out
With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!
» Sign up for the Newsletter
» Login