Three in five firms affected by late payments
Around three in five small businesses, which equates to 1.2 million, are being affected by late payments, according to recent research.
A survey carried out by Tenon Recovery reveals that 35% of small firms estimate they have paid out more than £10,000 in administrative costs and bank charges because of late payments. Tenon has estimated that the average amount owed by UK firms is now £40,000, a third more than it was in 2008.
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