Micro businesses bear the brunt of late payments
Recent research has shown that micro businesses are bearing the brunt of late payments, with just 52 per cent of the invoices they issue being paid on time.
However, the research found significant regional variation, with 68 per cent of micro businesses in Peterborough encountering the scourge of late payments.
The research was based on data from 50,000 users of a prominent cloud accounting software provider.
Meanwhile, related research has found that a quarter of micro businesses are having to wait between three and six months to receive payments owed to them. A further 10 per cent report that they have clients who have never paid them.
When asked whether the Government should legislate to make it easier for micro businesses to recover funds from late payers, 70 per cent of respondents agreed.