![]() This will require primary legislation, so will be subject to the legislative timetable. Broadening the powers of the Small Business Commissioner: Introducing broader responsibilities, enabling the Commissioner to undertake investigations and publish reports where necessary on the basis of anonymous information and intelligence.Providing greater advice to small businesses on negotiating payment terms that better suit them, and on how going digital can help them get paid quicker and manage their cash flow.We will also introduce reporting on retention payments for businesses in the construction sector. We will include new metrics for reporting, including a value metric, so businesses and commentators can see the value of invoices, including invoices paid late, and a disputed invoices metric. ![]() Following consultation, Government will take forward legislation to extend payment performance reporting obligations. Extending the Reporting on Payment Practices and Performance Regulations 2017.New measures to be announced in the review will include: That is why the Government is extending and improving the Reporting on Payment Practices and Performance Regulations and conducted the Prompt Payment and Cash Flow Review. Improving payment culture in the UK will support smaller businesses, many of which do not have the resources to accommodate long or late payments from their business customers and could boost the economy by £2.5 billion annually. In 2022, Small and Medium-sized Enterprises (SMEs) were owed on average an estimated £22,000 in late payments. Late payment of invoices and long payment terms are key issues that businesses, especially SMEs, highlight as a barrier to their growth. Owners and managers are forced to spend disproportionate time chasing payments resulting cash flow problems cause even good, viable firms to struggle. These new measures will be included in the upcoming Prompt Payment & Cash Flow Review, due to be published shortly and will improve delivery and enforcement of policies, enabling more small businesses to get paid on time. The government has today announced tougher measures to tackle the issue of late payments to small businesses. Measures form part of wider government review on Cash Flow and Prompt Payment.Paying small businesses on time could boost the economy by £2.5 billion annually.
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