Anna’s Accountancy Alerts – Week 49 (8th – 14th March 2021)

Walsall Accountant

iSpeech

SME Payment Terms Slashed To 30 Days

Currently, £23.4bn worth of late invoices are owed to firms across Britain, which is impacting businesses’ cash flow and ultimate survival post-Covid.

Under reforms to the (PPC), the required payment period for larger suppliers to small businesses is to be halved to 30 days.

The changes coming into effect immediately require a company’s CEO or finance director, or the business owner where it is a small business, to personally sign the Prompt Payment Code (PPC) to ensure responsibility for payment practices is taken.

In addition, from 1 July there is a new requirement for signatories to pay 95% of invoices from small businesses (those with less than 50 employees) within 30 days. The target for larger businesses will remain 95% of invoices within 60 days.

Iain Wright, director of business and industry strategy at ICAEW, said: ‘This is a big step in the right direction to help change attitudes towards late payments at a time when resources are tight for businesses of all sizes.’

Useful Webinars From FSB

Modernising Your Payments: How Small Businesses Can Benefit:

Now available on-demand at bit.ly/firstvoicewebinars

This webinar explores the current payments landscape – in particular the merging of physical and online payments, and how demand is continuously changing.

Covid-19 And The Cashless Payments – How Small Businesses Can Adapt

Listen at bit.ly/firstvoicepodcasts

This exclusive podcast cashless payments, and how small businesses can adapt.

What The New EU-UK Trade Deal Means For Small Businesses

Listen at bit.ly/firstvoicepodcasts

This webinar will set out what the new deal means for you, for your supply chains, for doing business with other countries and for exportation to Europe.

FSB Launches New Tie-Up With The Good Business Charter

Small owners are being offered a new way to have their ethical credentials acknowledged thanks to a collaboration between FSB and Good Business Charter (GBC). Firms with up to 50 employees can apply for GBC accreditation through a streamlined application process.

The Charter recognises care for employees, customers, suppliers and the environment.  It is supported by the Confederation of British Industry, the Trades Union Congress and all major trade associations. It launched in February 2020.

HMRC Revised Charter

Its purpose is to provide guidelines for dealing with HMRC.

The charter promises a more understanding and helpful approach from HMRC and the importance of mutual respect.

The HMRC Charter – GOV.UK (www.gov.uk)

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.