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