BusinessCompany NewsUnpaid bills stand at £18bn

Unpaid bills stand at £18bn

Up to £18bn of unpaid bills are affecting the abilities of UK enterprises to do business, according the latest figures from automated clearing house BACS.

The survey shows the larger the business the bigger the debt with businesses with turnover topping £1m waiting on average for a huge £258,000 in late payments. The overall average of outstanding debt is £53,000.

Link: Read more on debt recovery

There is now growing concern that measures taken by governement to ease late payments are not working.

Anthony Sherick of BACS said: ‘These findings are worrying, given the efforts being made by the government to reduce levels of late payments within British business. The research confirms the damaging effect that the culture of late payments has on UK businesses and company balance sheets.’

The last part of the government’s Late Payment of Commercial Debt Act – intended to combat lingering unpaid bills – should be in place this week but accoding to BACS 54% have never heard of the legislation and only 3% of those businesses able to use it, have done so.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor