The upcoming 2015 Budget speech on March 18th is an opportunity for final fiscal measures to be put in place before the election, and late payment is still on the agenda.
Despite the current government’s ongoing efforts to combat late payment, 11% of small businesses still want to see this month’s Budget used to enforce stronger penalties for non-payment and late payment.
There may be little surprise at the fact that these penalties are particularly wanted where large firms fail to pay on time, and the north-west is the region with the highest proportion of the 11%.
A YouGov poll on behalf of office space providers FlexiOffices revealed the statistic, and while 11% is far from being a majority, it is still a large number of businesses nationwide.
This is further demonstrated by the fact that the issue ranked third overall, behind Corporation Tax relief and simpler tax rules, in the list of the most commonly desired announcements from the upcoming Budget.
Nothing else scored more than a 9% share of the total respondents, and only 6% offered a suggestion of their own after ticking the ‘other’ box.
“Small businesses can be the driving force behind long-term economic prosperity, so we wanted to discover exactly what small businesses want from the upcoming UK Budget announcement on 18th March 2015,” FlexiOffices said in a blog post.
“We surveyed 818 senior decision-makers from small businesses, asking them what they wanted to see from Budget 2015. The results are both insightful and point firmly towards a number of key issues for the government to address.”
There are of course penalties already in place for late payment, which can help to overcome the cash flow hit of receiving a large payment later than expected – including the three-tier flat-fee system, statutory interest and the chance to claim back debt recovery fees from the debtor.
If you choose to pursue debt recovery with CPA, we will of course include these penalties on the amounts we demand from your debtors, to ensure you receive every penny possible from those who have failed to pay you on time.