Small Business Commissioner urges action on late payments
Tougher stance needed
IPSE, the Association for Independent Professionals and the Self-Employed, which represents freelancers, contractors, and independent professionals in the UK have called on the Small Business Commissioner, Liz Bradley, to take a tougher stance to late payment. The problem of late payments has been magnified during the Covid-19 pandemic.
Research by IPSE has shown that 36% of freelancers have been adversely affected during the pandemic. Moreover, one in six freelancers have been left with no money to cover work-related expenses. Bradley is expected to lead the charge to help small businesses secure payments owed to them, with £23.4 billion of unpaid invoices.
Ms Bradley said: “We need a real culture change around business payments in the UK to take pressure off our phenomenal entrepreneurs. People who have already delivered goods and services have to turn their attention to the next client order rather than chasing up late payments and worrying about their cashflow. I know from personal experience how damaging that can be to mental and emotional health.”
