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Late payments are an increasing problem for small businesses. So, when the normal channels of chasing invoices have failed, here are some of the options available to ensure your finances remain solvent.

Debt recovery explained

Sooner or later almost every business finds itself desperately struggling to track down payment from an aloof customer. Where conventional methods fail, debt collection agencies offer an alternative solution.

How to stop late payment

Late payment is costing UK small businesses an estimated 286 million man hours and nearly £3.6 billion per year. Over 2.5 million small businesses are affected by it. Read on for our top tips to reduce the effect of late payment...

Guide to chasing money you are owed

Customers not paying on time can be fatal for a small business so use these tips to successfully chase those reluctant to pay up.

Blood from a stone

It would be unfeasible to run any enterprise of scale without extending and accepting credit. So how do you deal with problem payers? Find out here.

Making directors liable

Most directors believe that a limited company does what it says on the tin: in other words, they do not expect to be held personally liable for the company’s misdemeanours. That could be a false assumption, writes Kelly Tinkler of solicitors Rooks Rider.

Don't Miss

Making sound investments in volatile times

After the recent global economic problems, it’s never been more important to choose your offshore investments carefully.

Tax dilemmas

Every small business should make their business tax as efficient as possible, this guide will help ensure you’re not paying HMRC too much.

Emergency Budget Breakdown

It's generally agreed that SMEs emerged largely unscathed from the Emergency Budget. Here SmallBusiness.co.uk picks out the main points for owner-managers.

Small Business Finance News

The government aims to help those who are paid late

Late payment aid for small businesses

A new government initiative will offer resources to small companies to help them get paid on time.

Late payment aid for small businesses

A new government initiative will offer resources to small companies to help them get paid on time.

Top finance and accounting staff hard to come by

Businesses are struggling to recruit skilled finance and accounting employees despite an anticipated growth in headcount, research finds.

Smaller enterprises suffering more than large ones

More small and medium-sized enterprises have seen a quarterly reduction in sales volumes than large companies, research finds.

Small-caps on the up

Fund manager David Clark is upbeat about the prospects for smaller quoted companies.

Forum shuns insolvency U-turn

The Forum of Private Business has condemned a government announcement that legislation to improve the so-called ‘pre-pack insolvency’ sales process will now not go ahead.

Charting a course

Daniel Bastide, a partner at law firm Thomas Eggar, talks to James Harris about new finance structures and a ship called the Hebridean Princess.

Cash flow pressures ease for small businesses

Late payment improved in the final quarter of 2011 with the biggest difference coming from the largest firms, research finds.

SMEs warned of tax return deadline

UK small business owners could lose £45 million on 1 February by failing to complete their tax returns by the 31st January deadline.

Car tax hike could hit SME owners

A new emissions scale for company car tax could mean hefty increase in charges for many, warns an accountant.

Credit unions now able to lend to SMEs

Small businesses struggling to access funding have been given an alternative option with the introduction of legislation allowing credit unions to lend to them.

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FT Guide to Personal Tax

The FT Guide to Personal Tax is published by Pearson Education. Written by Sara Williams, CEO of Vitesse Media Plc and John Bloxham, this unique guide gives step-by-step advice to completing your tax return as well as over 230 tax-saving tips.

Growth Company Investor

Growth Company Investor is widely recognised as the leading magazine for investors interested in AIM and smallcap companies. Published 10 times per year, and brought to you by an award-winning analyst team, it offers subscribers unrivalled insight into high-potential smaller companies. Subscribe today with a 50% discount in your first year.

FT Guide to Business Start Up

The FT Guide to Business Start Up 2012, published by Pearson Education, is written by Sara Williams, CEO of Vitesse Media Plc. This unique guide has sold over two million copies. It offers practical advice about starting and running your own business.

What Investment

What Investment is the leading and longest-established investment magazine in the UK.

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Late payment Questions & Answers

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Tax and Finance

Chas Roy-Chowdhury, ACCA

Tax and VAT expert

Clive Lewis, ICAEW

Business funding advice

Mark Endersby, Funding Solutions

3 posts

Latest questions answered

Q: Interest charged on invoice payments Q: Are purchase orders legally binding? Q: Interest on outstanding invoices

FREE Legal, Financial, Accountancy & HR Help

Aska Professional understands the challenges faced by small businesses. That’s why we provide instant access to professional advice and legal templates. FREE access to Solicitors, Accountants, Financial Advisors & HR Specialists. Ask our experts a question and get a personal response within 60 minutes. Sign up now to ask a question - FREE.

If you’ve decided to go it alone, we can help you get started.

18 months free* day-to-day business banking
Free Sage Planning for Business software

We can also introduce you to a local business manager who can provide insight and guidance to help you get your business started and find the right finance options to suit your needs. Find out more.

Barclays Business Start Up Account

Get everything you'd expect from a Barclays Business account…Free business banking for up to 2 years (Ts&Cs apply). Free day-to-day support from our Barclays Business Team by phone 24/7 and Mobile Banking, manage your account quickly and easily from a web-enabled phone. Apply online.

Blogs

Apprenticeship dreams

Ben Lobel 07/02/2012

So, another government incentive has been dangled in front of small businesses in the form of a fresh £6 million fund for hiring apprentices. Have your say »

A promising venture

Small Business Finance 06/02/2012

Rory Earley, CEO of Capital for Enterprise, explores how small businesses should approach venture capital. Have your say »

Winning new business in 2012

Guest Blogger 02/02/2012

Shaun Thompson, CEO of Sandler Training, explains how growth is possible in frugal times. Have your say »

Late payment Resource Centre

Chasing down late payments

Q: I am having trouble with companies not adhering to the 30-day payment terms. Is there anything I can do to make sure they pay on time?

IVA Advice from Cleardebt

Expert IVA advice from Cleardebt is available to you, in which will help you reduce debts by up to 70% and freeze interest by entering into IVA.

Find a debt collector

The UK Debt Collection offers several debt collection and debt recovery services.

Debt recovery service

Jack Russell, is the UK's prominent debt recovery service. Its network of UK offices ensures the most difficult of debts, are rapidly recovered.

Free up cash from your invoices

Invoice finance can free up cash from your invoices as soon as they are issued and protect the business from the threat of late payers.

More Late payment Resources

Other Small Business Finance Resources

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Video

Selling on eBay

Ebay trader Chris Dawson gives his tips to selling through the trading website.

A business credit card with 0% interest on purchases for 3 months*

That’s on top of up to 56 days of interest-free credit**. When it comes to supporting your cashflow, it all adds up to a lot of extra breathing space. Also, by separating your business and personal spend it helps you keep track of your costs and identify areas where you can save money. Find out more today. *From date of account opening. **When you pay off your balance in full and on time each month.