UK government introduces Fair Payment Code and reporting rules to combat late payments to small businesses.
The UK government has introduced measures to combat late payments to small businesses, which cost them an average of £22,000 annually and contribute to 50,000 closures each year. A new Fair Payment Code and reporting rules will require large firms to disclose their payment practices in annual reports, enhancing transparency. The government aims to strengthen enforcement of existing regulations and is consulting on potential new laws to ensure timely payments.
September 19, 2024
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