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Thu, 4 June 2020

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IPSE welcomes raft of new measures to end scourge of late payment

IPSE

1 min read Member content

New government measures to clamp down on late payment – including holding boards directly accountable – have been welcomed by IPSE (the Association of Independent Professionals and the Self-Employed).


IPSE research has found that two thirds of the self-employed have suffered from late payment, and they have lost an average of 20 days a year chasing delayed client payments.

After a consultation on late payment, the Department for Business, Energy and Industrial Strategy (BEIS) announced today that it would introduce new measures to improve payment culture:

  • Proposed new powers for Small Business Commissioner to tackle late payments through fines and binding payment plans
  • Company boards to be held accountable for supply chain payment practices for first time
  • New fund to encourage businesses to use technology to simplify invoicing, payment and credit management

IPSE’s Deputy Director of Policy Andy Chamberlain commented: “The late payment culture that so many big businesses get away with needs to change. For the two thirds of self-employed people who experience it, late payment means no income, empty bank accounts, debt and possibly destitution. Today’s announcement is a welcome step in the right direction.”
 

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