Top Service News
Welcome announcement: Newly Appointed Small Business Commissioner Liz Barclay, to ‘spearhead’ crackdown on delayed invoices
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The government has this week (16 March 2021) announced the appointment of Liz Barclay as Small Business Commissioner to ‘spearhead the national effort to crackdown on delayed invoices – which cause thousands of small businesses to close every year.’[1]
The government press statement announced Liz Barclay as the first female Small Business Commissioner to take up the post which was created to help small businesses secure the payments owed to them and to ‘galvanise UK businesses behind a new culture of prompt payment.’
Liz Barclay’s appointment follows reforms to the Prompt Payment Code (PPC) which came into effect earlier this year (January) to crack down on delayed invoices owed to small businesses. Under new reforms, companies that have signed up to the Prompt Payment Code will be obliged to pay small businesses within 30 days – half the time outlined in the previous code.[2]
Emma Miller, Top Service Company Director said:
“I’m sure this appointment will be welcomed by small business owners. I spend a lot of time talking to and advising our customers on how good and relevant credit information at the start of a business relationship and robust credit management processes throughout the trading cycle, will help to reduce the risk of incurring a bad debt. My hope is that this new appointment will help to create the right culture to further reduce the risk of bad debt.”
A statement made by the Department for Business, Energy & Industrial Strategy (19 January) confirms that ‘despite almost 3,000 companies having signed the code, poor payment practices are still rife, with many payments delayed well beyond the current 60-day target required for 95% of invoices. Currently, £23.4 billion worth of late invoices are owed to firms across Britain.
Liz Barclay’s appointment also comes following last year’s consultation to ‘increase the scope and powers of the Small Business Commissioner including the power to order payments, levy fines and open investigations based on third-party information.
What is the Prompt Payment Code (PPC)?
The Prompt Payment Code (PPC) is administered by the Chartered Institute of Credit Management on behalf of the Department for Business, Energy and Industrial Strategy (BEIS). Compliance with the principles of the Code is monitored and enforced by the Prompt Payment Code Compliance Board. The Code covers prompt payment, as well as wider payment procedures.
Top Service Member Benefits
All signatories of the Prompt Payment Code (PPC) are eligible for a 25% discount on Top Service Ltd subscription fee.
Are you struggling to recover the money you are owed?
Top Service debt recovery service is operating normally. Our team are proving that their skills are second to none with the results we are achieving during this challenging time. Top Service members have access to an exclusive combination of no collection, no fee recovery services.
Contact our helpdesk team today on 01527 518800 to discuss how Top Service Ltd can support and help you protect your business.
https://www.gov.uk/government/news/government-tackles-late-payments-to-small-firms-to-protect-jobs[