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Nigel Holland from Holland & Co Chartered Accountants said:

“The reason why firms are reluctant to take legal action when payments are late is because they do not want to damage the relationship which exists with their customers. There has been high profile campaigns in the past to stamp out the problem however there is a lack of confidence in the Prompt Payment Code.

A separate survey by the Federation of Small Businesses (FSB) revealed a severe lack of confidence in the Prompt Payment Code. Just 21% of surveyed FSB members believe the code will solve the problems of late payment.
The business environment has improved recently and it is important that firms have a robust credit control procedure in place so that their business is not damaged by late payments.

It is important that the Government act on this problem now and I am in favour of calls for an independent inquiry being started to improve payment practices.

At my firm we pay invoices as soon as we receive them because this way we are able to develop a good business relationship with our suppliers."

More Information...

At Holland & Co we have also developed a number of industry specialisms over the years, which enable us to provide finely tuned, highly focused services in these sectors.

Business services
Every business owner needs a team of professionals in the background who provide continuous support and advice. That's what we are here to do.

Personal services
Because we establish a one-to-one relationship with each client we are able to offer timely, individual advice on how to improve your business or personal finances.

Specialist services
We have also developed a number of industry specialisms over the years, which enable us to provide finely tuned, highly focused services in these sectors.

Tax
Tax rates and allowances are constantly changing. Tax planning opportunities are also wide ranging and changing, which is why it is important to make sure your plans are up-to-date. These guides provide information for the current tax year.

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