A study of over 1,200 SMEs revealed that as many as 30% have experienced an increase in late payment invoices over the last three months.
The Federation of Small Businesses (FSB) warns that a worsening of the UK’s late payment crisis, high inflation, plus mounting admin for firms that trade internationally, will cause the business community to further shrink in size if left unaddressed.
Commenting on their Small Business Index (SBI), FSB National Chairman, Mike Cherry, said, “The small business community diminished in size over the past year and, unless action is taken now to tackle the challenges it faces, history is set to repeat itself.
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Email Jaime“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.
“Small business confidence dropped in every quarter of 2021. As we head into the New Year, the government needs to act now if we’re to reverse that trend and secure an economic bounce back.”
To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.
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