Small businesses will be paid

To reduce the current owed to small businesses, new ruling comes into place today.

From today, large businesses are required to report on their payment practices.  Large business is defined as a business that has met two of the three criteria over the past two years: a turnover of £36 million; a balance sheet total of £18 million; or 250 employees. These reports will be online and suppliers will be able to access them. Firms can then make better-informed decisions about who they do business with.

This aims to reduce the £26 billion owed in overdue payments to smaller or medium businesses. Late payments can break a new business, and hopefully this will soon be one thing new business owners don’t have to worry about!

 

Source: https://uk.news.yahoo.com/small-business-minister-small-firms-132000184.html

[ Picture: me, with my money for the week, chillin’]

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