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).

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

Home | Contact us | Site map | Accessibility | Help | Privacy |

© 2022 Wilson Sandford. All rights reserved.
Wilson Sandford Limited is registered in England & Wales.


Registered Office: Wilson Sandford, 85 Church Road, Hove, East Sussex BN3 2BB

In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our professional indemnity insurers are Certain Underwriters at Lloyd’s & Allianz Global Corporate & Specialty SE of 30 Fenchurch Avenue, London, England, EC3M 5AD. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.