Monthly Archives: September 2021

Hot Business News Today

Liz Barclay answers your questions about late payment

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By Small Business Team on Small Business – Advice and Ideas for UK Small Businesses and SMEs

Join Small Business Commissioner Liz Barclay for our next Twitter Q&A this Thursday, September 9 between 4pm and 5pm GMT. Liz will answer your questions about poor payment practices affecting your business.

Former campaigning journalist and BBC broadcaster Liz Barclay a long history of campaigning for social justice when it comes to consumer rights and personal finance.

What can I do to speed up invoices being paid?What if it’s a large company who’s my sole customer?What steps can I take without going to court?How can the Small Business Commissioner help me and my firm?

Late payment putting British SMEs out of business

The Federation of Small Businesses estimates that 50,000 SMEs are forced out of business each year because of late paymentSmall business are currently chasing more than £50bn of late paymentsThe average UK SME is chasing five outstanding invoices at any one time, using up an astonishing 1.5 hours a day, with an average of £8,500 owedThe Government’s own figures are that £23.4bn is owed in outstanding invoices to UK businesses

To join in, just follow @smallbusinessuk and get involved by tweeting your question with the hashtag #AskSBCommissioner.

Remember,

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Hot Business News Today

How much national insurance hike will cost your business

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By Timothy Adler on Small Business – Advice and Ideas for UK Small Businesses and SMEs

Businesses have criticised government for a national insurance hike of 1.25 per cent each for both employers and staff – a combined 3 per cent rise – as firms are only just recovering from the pandemic.

Economists have warned the £11bn national insurance contribution (NIC) hike will create unemployment and stifle future job creation.

The new health and social care levy will generate in total £14bn a year, which falls to a net £12bn of income as some will be paid by public sector workers. About £11bn will come from NICs and £600m from increasing tax on dividends.

Mike Cherry, chairman of the Federation of Small Businesses, said: “Business owners who have done all they can to retain and support their staff during the pandemic are now being punished for that loyalty with an £11bn increase in NICs, which essentially serve as a jobs tax.”

Andrew Goodacre, chief executive of the British Independent Retailers Association, said: “Of all the options available to the Government, it is disappointing that increases in national insurance have been chosen because of the impact on lower paid workers and small businesses … despite all

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