{"id":48909,"date":"2026-03-24T21:25:51","date_gmt":"2026-03-24T21:25:51","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/?post_type=knowledge&#038;p=48909"},"modified":"2026-04-10T13:32:46","modified_gmt":"2026-04-10T13:32:46","slug":"uk-late-payment-reforms","status":"publish","type":"knowledge","link":"https:\/\/www.simplybusiness.co.uk\/knowledge\/cash-flow\/uk-late-payment-reforms\/","title":{"rendered":"Could late payments be a thing of the past? Reforms are coming"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The government is tackling late payments for small businesses by fining big businesses and repeat offenders as part of sweeping reforms.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In what they\u2019re calling \u201cthe toughest crackdown on late payments in 25 years\u201d, big businesses will now be mandated to pay within 60 days when working with smaller suppliers.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But what does this mean for small businesses and the self-employed?<\/p>\n\n\n\n<div class=\"wp-block-group has-azure-200-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-30c80bf8 wp-block-group-is-layout-constrained\" style=\"border-radius:10px;margin-top:var(--wp--preset--spacing--90);margin-bottom:var(--wp--preset--spacing--90);padding-top:var(--wp--preset--spacing--90);padding-right:var(--wp--preset--spacing--90);padding-bottom:var(--wp--preset--spacing--90);padding-left:var(--wp--preset--spacing--90)\">\n<h2 class=\"wp-block-heading\" id=\"h-reforms-at-a-glance\">Reforms: at a glance<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">payment terms set to a maximum of 60 days for big businesses supplying small firms<\/li>\n\n\n\n<li class=\"wp-block-list-item\">new investigatory powers for the Small Business Commissioner, so you can report businesses with poor practices<\/li>\n\n\n\n<li class=\"wp-block-list-item\">multi-million pound fines for repeat offenders&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">mandatory payment terms and interest, meaning compensation for small suppliers if invoice payment deadlines are missed<\/li>\n<\/ul>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Watch our quick video to understand what&#8217;s changing with late payments and what exactly it means for small business owners like you.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-tiktok wp-block-embed-tiktok\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"tiktok-embed\" cite=\"https:\/\/www.tiktok.com\/@simplybusiness\/video\/7626418639201258774\" data-video-id=\"7626418639201258774\" data-embed-from=\"oembed\" style=\"max-width:605px; min-width:325px;\"> <section> <a target=\"_blank\" title=\"@simplybusiness\" href=\"https:\/\/www.tiktok.com\/@simplybusiness?refer=embed\" rel=\"noopener noreferrer\" target=\"_blank\">@simplybusiness<\/a> <p>The biggest crackdown on late payments in 25 years is here \ud83d\udea8 But what does this actually mean for small businesses and the self-employed? Swipe for the breakdown of the new reforms and the steps you can take to protect your cash flow. Save this post for your next invoicing cycle \ud83d\udccc <a title=\"latepayment\" target=\"_blank\" href=\"https:\/\/www.tiktok.com\/tag\/latepayment?refer=embed\" rel=\"noopener noreferrer\" target=\"_blank\">#LatePayment<\/a> <a title=\"smallbusiness\" target=\"_blank\" href=\"https:\/\/www.tiktok.com\/tag\/smallbusiness?refer=embed\" rel=\"noopener noreferrer\" target=\"_blank\">#SmallBusiness<\/a> <a title=\"smallbusinessnews\" target=\"_blank\" href=\"https:\/\/www.tiktok.com\/tag\/smallbusinessnews?refer=embed\" rel=\"noopener noreferrer\" target=\"_blank\">#SmallBusinessNews<\/a> <a title=\"businessnews\" target=\"_blank\" href=\"https:\/\/www.tiktok.com\/tag\/businessnews?refer=embed\" rel=\"noopener noreferrer\" target=\"_blank\">#BusinessNews<\/a> <a title=\"fyp\" target=\"_blank\" href=\"https:\/\/www.tiktok.com\/tag\/fyp?refer=embed\" rel=\"noopener noreferrer\" target=\"_blank\">#FYP<\/a> <\/p> <a target=\"_blank\" title=\"\u266c morning coffee - nanaacom\" href=\"https:\/\/www.tiktok.com\/music\/morning-coffee-7392134672372746241?refer=embed\" rel=\"noopener noreferrer\" target=\"_blank\">\u266c morning coffee &#8211; nanaacom<\/a> <\/section> <\/blockquote> <script async src=\"https:\/\/www.tiktok.com\/embed.js\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-fines-and-mandatory-interest-on-late-payments-nbsp\">Fines and mandatory interest on late payments&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Small Business Commissioner will be given <a href=\"https:\/\/www.gov.uk\/government\/news\/time-to-pay-up-government-unveils-toughest-crackdown-on-late-payments-in-over-25-years\" target=\"_blank\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">new powers to investigate poor payment practices<\/a> and will be able to issue multi-million pound fines to the businesses that persistently fail to pay on time.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And all commercial contracts will have to include a statutory interest on late payments, set at 8% above the Bank of England base rate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The government hopes these changes will go some way to support small businesses and the self-employed who are regularly facing cash flow challenges with suppliers not paying on time.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-group has-azure-300-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-69910985 wp-block-group-is-layout-constrained\" style=\"border-radius:10px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--90);padding-bottom:var(--wp--preset--spacing--50);padding-left:var(--wp--preset--spacing--90)\">\n<p class=\"wp-block-paragraph\"><strong>Read more: <\/strong><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/cash-flow\/how-to-write-an-invoice\/\" type=\"knowledge\" id=\"1461\">How write an invoice and free templates<\/a><\/p>\n<\/div>\n\n\n\n<div id=\"nba-body-001\">\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Business Secretary Peter Kyle said: \u201cWe are unveiling the strongest, most robust changes to payment laws in over a generation \u2013 laws that will transform the fortunes of small businesses for years to come and make their day to day lives much easier.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">FSB Policy Chair Tina McKenzie said: \u201cThe new laws will finally bring a stop to big businesses using their small suppliers as sources of free credit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cFor the first time, audit committees and boards will question and challenge poor payment performance, publish it in annual reports for all to see, and put it right. Paying in 60 days is not prompt \u2013 but strengthening that as the absolute maximum cap after years of dithering is a good step towards encouraging payments in 30 days across all supply chains.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These reforms are expected to be phased in later in 2026. And in the next five years, the government hopes to reduce payment terms to 45 days.&nbsp;&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-group has-azure-200-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-30c80bf8 wp-block-group-is-layout-constrained\" style=\"border-radius:10px;margin-top:var(--wp--preset--spacing--90);margin-bottom:var(--wp--preset--spacing--90);padding-top:var(--wp--preset--spacing--90);padding-right:var(--wp--preset--spacing--90);padding-bottom:var(--wp--preset--spacing--90);padding-left:var(--wp--preset--spacing--90)\">\n<h2 class=\"wp-block-heading\" id=\"h-4-steps-the-self-employed-can-take-today\">4 steps the self-employed can take today<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.smallbusinesscommissioner.gov.uk\/contact-us\/\" target=\"_blank\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>Inform the Small Business Commissioner<\/strong><\/a><strong> if you\u2019re dealing with a business that\u2019s persistently failing to pay on time<\/strong> \u2013 the law is giving them new powers to investigate.&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>You can add interest clauses to your payment terms<\/strong> \u2013 and the law will back you up.<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>Invoices must be paid in 60 days as a maximum <\/strong>\u2013 but there\u2019s no reason why you can\u2019t set your payment terms to 30 days as standard.&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>Big businesses can only raise invoice disputes if it\u2019s within 30 days of receiving your invoice<\/strong> \u2013 so make sure you send invoices promptly after completing the work.<\/li>\n<\/ol>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-more-small-business-guides\">More small business guides<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/business-structure\/legal-obligations-of-a-business\/\" type=\"knowledge\" id=\"986\">Legal obligations of a business you might not know about<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/cash-flow\/could-ai-help-you-chase-unpaid-invoices\/\" type=\"knowledge\" id=\"1474\">Could AI help you chase unpaid invoices?&nbsp;<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/business-tax\/is-making-tax-digital-replacing-self-assessment\/\" type=\"knowledge\" id=\"47144\">Is Making Tax Digital replacing Self Assessment?&nbsp;<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/hospitality\/cost-of-pint-glass-theft\/\" type=\"knowledge\" id=\"48660\">Stolen pint glasses cost pub landlords millions<\/a><\/li>\n<\/ul>\n\n\n\n<div id=\"nba-body-end\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>New laws crackdown on poor payment practices and give more power to small businesses. <\/p>\n","protected":false},"author":42,"featured_media":48911,"comment_status":"open","ping_status":"closed","template":"","meta":{"sb_hreflang":"","sb_hreflang_url":"","disable_breadcrumbs":false,"sb_breadcrumbs":[],"sb_reviewed_by":"","sb_review_date":"","sb_enable_content_gating":false,"footnotes":""},"categories":[350,333,110],"hidden-category":[],"coauthors":[25],"class_list":["post-48909","knowledge","type-knowledge","status-publish","has-post-thumbnail","hentry","category-cash-flow","category-general","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Could late payments be a thing of the past? Reforms are coming - Simply Business UK<\/title>\n<meta name=\"description\" content=\"New laws will mean small businesses have to be paid in 60 days and interest will be owed on late payments. Get the latest.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/cash-flow\/uk-late-payment-reforms\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Could late payments be a thing of the past? Reforms are coming\" \/>\n<meta property=\"og:description\" content=\"New laws crackdown on poor payment practices and give more power to small businesses. 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