Late Payment time bomb!

If, as a small business, you pay your suppliers late i.e. outside the agreed payment terms or outside 30 days if there are no payment terms, then you are vulnerable to claims for late payment penalties. Even if the supplier does not exercise their rights they have 6 years in which to do so.

If they go out of business the accountants winding up the business have a duty to maximise the income and so more often than not will look out for outstanding late payments. If they are within the 6 year period then they are fair game.

Do you need an anti bribery policy?

It is illegal to offer, promise, give, request, agree, receive or accept bribes. The purpose of an anti-bribery policy is to protect your business. You should have one if there is a risk that someone who works for you or on your behalf might be exposed to bribery.

Need some help?

Do I really need to keep records and have procedures in place?

By way of an example, with the new rules the burden of proof that the required information has been given is with you as a trader. So it really is in your interests to keep good records and have a system in place so you can prove the point.