The end of late payments by large organisations?

11 Oct 2018

The government has been trying to combat the widespread issue of large businesses abusing their position by making late payments to small businesses. This initiative has included the launch of the voluntary Prompt Payment Code (PPC) in April 2017 where over 2,000 signatories have committed to the fair and equal treatment of payments to suppliers including to smaller businesses. The PPC and other measures have helped reduce the amount owed to smaller businesses in late payments.

However, this remains an important issue that needs to be tackled as nearly a quarter of UK businesses report that late payments are a threat to their survival. In fact, the Federation of Small Businesses suggests that tackling the issue of late payments could add £2.5bn to the UK economy and keep an extra 50,000 businesses open each year. The Small Business Minister Kelly Tolhurst has announced new proposals that will examine what other measures can be put in place to tackle unfair payment practices.

This includes:

  • a call for evidence to consider the best way company boards can put in place responsible payment practices throughout their supply chain, for example giving a non-executive director specific responsibilities for the company's prompt payment performance; and
  • promoting innovative technologies, such as the latest accounting software, to help small firms manage their payments processes, and empowering trade bodies to highlight the best and worst practices in payment behaviour.

Small Business Minister Kelly Tolhurst said:

'Our 5.7 million small businesses are the backbone of our economy, and ensuring we remain one of the best places in Europe to start and grow a small business is a key part of our modern Industrial Strategy. Over the past 5 years the amount owed to businesses in late payments has halved, but we will go further to make sure all of our small businesses are treated fairly. Today’s new call for evidence will help us identify the most effective way possible to tackle this issue once and for all and ensure small businesses are on a level playing field with their larger counterparts.'

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Grenfell James Associates - The Senior Team

Chris works with a diverse profile of owner managed businesses to assist them to grow and retain wealth. Although Chris works with clients from a wide range of sectors, he has particular expertise in property, catering, consultancy and professional services.

Chris Wood

Managing Director ACMA

Alex has worked for Grenfell James since 2002 and became a director in 2013. Overseeing our internal operations, he manages the flow of work and ensures we hit our strict deadlines. Alex also manages a portfolio of clients, with expertise in manufacturing and service businesses.

 

Alex Enstone

Operational Director MAAT

David has worked for Grenfell James since 2006. He heads up our tax team and is highly experienced with expertise in different industries and sectors.

David Murphy

Tax Director ACCA

Hannah qualified in 2016, having worked for the company since 2009. She acts as a client manager for a range of businesses, with expert knowledge of the equestrian and rural sector. Hannah also manages our payroll team.

Hannah Watson

Client Manager ACCA

JP qualfied in 2014, having worked for Grenfell James since 2007. He is a client manager for a diverse portfolio of clients including those in the manufacturing and serivce industries. 

 

Jon-Paul Lawrence

Client Manager ACCA

"Thank you Grenfell James for providing an excellent service for both me and Proco. Everything you have said and done has been spot on and on time. A great team and very friendly. Regards, from a very happy customer. "

Proco Coatings & Laminates

"JP has looked after my accounts for a couple of years now, & I have to say nothing is too much trouble for him. As someone who fully appreciates that I know my business, but will always be guided by those who are experts in their own respective discipline, I have never once sent a request or query & not had a reply almost instantly. Highly recommended!     "

Dean. Wootton IT

"Since taking over the accounting for our two businesses, Grenfell James have taken away any stress we have had in the past with our accounts. They have been very approachable and easy to talk to, enabling us a better understanding of how we need to run our business. "

Paul Stanley. A S Contracts Ltd.

"Grenfell James provide an excellent service with all accounting details explained in a very friendly and understandable manner. I have no hesitation in recommending them to any business wanting concise and reliable service at a very reasonable price.   "

Mr I Cameron

"I think you do a great job. You are so approachable and flexible in terms of when you can meet us. "

Mckechnies independent tea and coffee bar.

"Fantastic all round service level. Tax return peace of mind and highly efficient. Thank you. "

Mr J McCarthy

"Grenfell James have been an amazing partner, managing the pressures that come with taking a start up to a multi million pound concern in 18 months is never easy, but these guys were both strategic and responsive with great ideas and exacting execution   "

Roy Ferguson. The Perfect Cosmetics Company.

"In the past we have been unfortunate to work with some less than reputable accountants. Grenfell James Associates have restored our faith in the accountancy business and assisted us with every aspect of our financial responsibilities. We now have a renewed confidence in our finances, knowing that all our affairs are being dealt with in an efficient and professional manner. Thank you to the whole team and we look forward to many years of working with you. "

NPD Design Consultants Ltd

"For our cash hospitality business, prompt, accurate numbers matter, and the ability to call quickly for break-downs and analysis. GJ is always responsive and ready to be on the case. We never feel short-changed. "

Andrew Knight. The Howard Arms Ilmington

"I am delighted with the professional and efficient way in which Grenfell James Associates do things. In particular, they return my calls quickly, do the things they say they are going to do and do them when they say they are going to. Since our group was established in 1991 they developed all the financial systems that robustly stood the test of time, coping with many millions of pounds of transactions "

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    Timothy's Bridge Road
    Stratford-Upon-Avon
    Warwickshire
    CV37 9NP
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    Mayfair
    London
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