Small Businesses owed £22k on average in the UK

Following a review of business payments and cash flow, the government has found that small and medium-sized enterprises (SMEs) were owed on average £22,000 in late payments in 2022.As a result of these findings, the government has called for greater transparency to help tackle the late payment culture.
The report also revealed that the average time taken to pay SMEs has reduced from 81 days in 2010 to 36 days in 2021.
Despite this positive trend, more improvement is still needed – l