Small Business Protections Bill to become law, tradespeople waste seven hours a week on admin and FMB wants to make the industry more inclusive for deaf people
The government is introducing regulations to protect small firms from late payers.
The bill will set a maximum payment term of 60 days, mandate interest on late payments at 8%, and strengthen the powers of the Small Business Commissioner.
Late payments currently cost the UK economy £11 billion a year, and owners of small and micro businesses spend over 86 hours a year chasing overdue invoices.
Celebrating the news, Small Business Commissioner Emma Jones said that the new law was vital to get money moving in the UK economy.
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Tradespeople are wasting an average of seven hours a week on paperwork — that’s according to a survey from Powered Now.
The lost time has a significant financial impact, with some trades losing up £17,000-worth of billable hours a year.
Founder of Powered Now, Ben Dyer, warned that manual admin tasks were eating into firms’ productivity and profitability.
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The industry needs to do more to improve accessibility and inclusivity for the deaf and hard of hearing, claims the Federation of Master Builders (FMB).
Communication barriers on noisy sites, limited knowledge of sign language and assumptions about capability all contribute to exclusion within the sector.
The trade body said the sector could not afford to omit talented tradespeople due to outdated attitudes.
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