According to the Department for Business and Trade (DBT), late payments cost small businesses an average of £22,000 a year and 56 million hours of lost productivity. To combat this, the government is introducing new measures to support SMEs and self-employed workers to tackle the "scourge of late payments" that closes 50,000 businesses annually. With 52% of UK small businesses affected by late payments, new legislation will hold larger firms accountable. Plus, a Fair Payment Code is coming this autumn, setting higher standards for payment practices. 📊💼 Stay tuned for updates on how these changes could protect your business! #KcaAccountants #EssexAccountants #SmallBusiness #LatePayments #SMEs #BusinessSupport #FairPayment