Over 440,000 small firms at risk due to late payment crisis

More than 440,000 small firms could be forced out of business by the late payment crisis, according to the Federation of Small Businesses (FSB).

More than 440,000 small firms could be forced out of business by the late payment crisis, according to the Federation of Small Businesses (FSB).

An FSB study of more than 1,200 business owners found that close to one in three has seen late payment of invoices increase over the last three months, with a further 8% experiencing other forms of poor payment practice.

As a result, 8% of small businesses say late payments are now threatening the viability of their business. This equates to 440,000 of the estimated 5.5 million small businesses in the UK.

FSB National Chairman, Mike Cherry, said:

'After another frustrating festive season, small firms are facing flashpoint after flashpoint. Today, it's a fresh wave of admin for importers and exporters – in three months' time it will be a hike to the jobs tax that is national insurance contributions, a rise in dividend taxation, business rates bills and an increase in the national living wage.

'On top of that, operating costs are surging – many will soon be trying to strike energy deals without the clout of big corporates, or the protections afforded to consumers.'

Internet link: FSB press release

Contact Us

T: 01604 718866
F: 01604 716880
E: info@phm-accountants.co.uk

Social

Home | Privacy | Site map | Contact us | Accessibility | Disclaimer | Help | Diversity Report

© 2022 Phipps Henson McAllister. All rights reserved.

powered by totalSOLUTION

We use cookies on this website, you can find more information about cookies here.

Phipps Henson McAllister are registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales.

Details about our audit registration can be viewed at www.auditregister.org.uk for the UK, under reference number EWC008449569.

This firm is not authorised under the Financial Services and Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment services to clients because we are members of the Institute of Chartered Accountants in England and Wales. We can provide these investment services if they are an incidental part of the professional services we have been engaged to provide.