Helping North Wales business stay afloat

October 29, 2020 - 163 views

The Small Business Commissioner is an independent public body set up by Government under the Enterprise Act 2016 to tackle late payment and unfavourable payment practices in the private sector. The SBC covers the whole of the UK - England, Wales, Scotland and Northern Ireland.

Launched in December 2017 the Small Business Commissioner, leads an independent office aimed at empowering small businesses in resolving disputes around late and unfair payment issues and provides advice, including on how to take action if a payment is overdue.

The late payment culture that exists between businesses in the UK means that:
- a third of payments to small businesses are late
- the average value of each payment is £6,142
- 20% of small businesses have run in to cash flow problems due to late payments
- If small businesses were paid on time, this could boost the economy by an estimated £2.5 billion annually
- The Commisioner has got back £7.43million in late payments for small businesses since 2017.

On Good Morning Colwyn Bay, Simon spoke with Philip King about how Conwy and Denbighshire businesses could take advantage of the service if they were running into problems getting promptly paid by larger companies.

To get in touch and lodge an action for free please visit https://www.smallbusinesscommissioner.gov.uk