UK micro-business owners are plagued by late paying clients
by Startacus Admin
According to new research by our friends at innovative cloud accounting software company FreeAgent, UK freelancers and micro-business owners are plagued by late paying clients.
Last week, FreeAgent unveiled data showing the extent of the problem of late payments in the UK, and which areas are worst affected by it.
Using data from a sample of its 50,000+ customer-base, and by analysing hundreds of thousands of invoices sent in the last year, FreeAgent found that Sheffield is the area worst affected by late payments - with just 24% of invoices sent during the 2015 calendar year paid within three days of their payment deadline - closely followed by Twickenham (27%) and Slough (29%).
At the other end of the scale, Manchester is according to FreeAgent, least affected by late payments, with 75% of invoices sent by micro-businesses in the city in 2015 paid on time.
The good news is that across the whole of the UK at least half (51%) of invoices sent by micro-businesses last year were paid on time - hooray!
Speaking of late payments - the UK government recently announced that a small business commissioner would be appointed to specifically deal with the problem of late 
payments. And now a consultation is currently underway into how this commissioner will consider, determine, and make recommendations for complaints.
So with this research from FreeAgent also now out in the public domain, it's a gentle nudge to whoever is appointed by the UK government to deal with the problem of late payments that this is a problem that unless dealt with, is very unlikely to go away. Cash-flow and managing a healthy cashflow is key to the small business and startup sector, so we at Startacus look forward to keeping an eye on this issue and hopefully hearing a few innovative solutions over the coming months.
Speaking of Micro Business Owners - you might want to find out more about Microbiz Matters Day 17 #MicroBizMattersDay which we shared word on recently too.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
The startup that is on a mission to empower cyclists everywhere by providing the world’s largest cycle route collection in its innovative app
Black Young Professional Network, aka BYP Network will hit and surpass their Seedrs £500k funding round target.
.jpeg)
Planning to hire an accountant for your startup? Here are a few of the things you should consider before you do just that...
Sustainable reward scheme Bagboard, a first-of-its-kind advertising platform for planet-friendly brands launches £600k funding round
The Manchester-based startup that's created an app to enable hospitality businesses to maintain social distancing while still taking customer orders quickly
The lowdown on Bubo AI, the Yorkshire-based startup that's using AI to create value-based pricing for wholesale and distribution businesses
The London-based startup that's disrupting the insurance industry by its collective-based model for cycling insurance
More than half of employees concerned about returning to work and majority of employees NOT comfortable using public transport
The GCHQ Innovation Co-Lab is on the hunt for companies harnessing data science, machine learning and AI techniques to create real products and solutions.
Eppik is a smart family photo sharing platform that helps families reconnect through their shared photo heritage
Published on: 13th December 2016
.png)
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- More than half of employees concerned about returning to work 2nd Jul 2020 More than half of employees concerned about returning to work and majority of employees NOT comfortable using public transport
- GCHQ Innovation Co-Lab seeks startups harnessing data science, machine learning and AI 2nd Jul 2020 The GCHQ Innovation Co-Lab is on the hunt for companies harnessing data science, machine learning and AI techniques to create real products and solutions.
- Ten Years On: 30% Club Sets New Targets 1st Jul 2020 New targets set by 30% Club aimed at achieving both gender diversity and fully inclusive cultures on FTSE Boards, Executive Committees and Chair Appointments
- Xero’s Roadmap to Recovery manifesto launched 1st Jul 2020 Xero’s Roadmap to Recovery manifesto launched as new data confirms impact of COVID-19 on UK small business revenue and employment
