Welcome to the latest edition of the FPB’s eNewsletter!

Late payment is a fact of life when it comes to running your own business. This week, we offer advice on minimising the damage by charging interest on outstanding debts.

From next week, we will be sending the eNewsletter out on Friday mornings. Please email production@fpb.org with your comments or suggestions.

If you fancy some FREE PUBLICITY for your company in this newsletter, all you have to do is join our growing ranks of hot tips contributors. Email production@fpb.org to find out more.

Petitions 

Book now for the Small Firms' Summit 

Most articles on late payment give sound advice on credit rating customers, application of sales limits, correct invoicing, chasing procedures and all the rest. This article is different: its aim is to get back the money you are owed and have not claimed. 

Companies lose customers over the years, through owner retirement, takeovers and so on. What can be done about getting some of the amounts due from these customers under the Late Payment of Commercial Debts (Interest) Act 1998 and the European Directive?

According to the Better Payment Practice Group (BPPG), almost half of smaller businesses are risking bad debt. The BPPG's research shows that 44% of smaller businesses are offering credit to new customers without carrying out any checks to establish their creditworthiness first.

In November 1998, the UK Government introduced legislation to give businesses a statutory right to claim interest from other businesses for the late payment of commercial debt. Use the BPPG's interest calculator to see how much interest you could claim.

Did you know that you could place a member offer in two issues of this newsletter for as little as £95? With more than 15,000 subscribers, your business can reach a massive potential audience for a minimal outlay. To find out more, email us at advertising@fpb.org.

Have you ever charged interest under the late payment legislation?

Smaller businesses are still struggling under the weight of health and safety regulations, costing them time and money. In a survey carried out by the FPB in March this year, it was revealed that, on average, smaller firms spend almost 2 working days every month coping with health and safety regulations.

The FPB today said its members had 'totally lost confidence' in the consultation process over congestion charging after the revelation that pictures of 'local people' in a leaflet were in fact of American models.

The FPB has called upon the new Secretary of State for Business, Enterprise and Regulatory Reform, John Hutton, to ensure that the voice of the UK's small and medium-sized firms is heard at the heart of Government.