March 29 2016
A government scheme aimed at tackling late payment and supply chain abuses by large companies is delayed. The new rules which force large businesses to disclose their payment terms and performance were due to come into force in April 2016, but have now been delayed until October.
Government planned to force companies to publish details of the average time they take to pay suppliers, and the proportion of invoices that are paid beyond terms to an online portal and it is the devleopment of this that has caused the delay according to the Mail Online.
Samantha White, CEO of My Credit Controllers said:
“These IT hold-ups are regrettable but it's important the government gets this right. There's no doubt that naming and shaming large companies that abuse their smaller suppliers is going to have a positive impact and could set an example for other businesses to follow."
How we can Help: