Date posted: 28th May 2024
Tackling late payments, support for skills development, as well as a review of VAT thresholds and tax incentives were top of the agenda as North East businesses met with the UK’s Small Business Commissioner.
You can find out more about this event in the video below.
The Commissioner, Liz Barclay, joined businesses at a lunchtime reception, hosted by accountants and business advisers Clive Owen LLP which has offices in Darlington, Durham, York and Middlesbrough.
The event provided a valuable platform for local businesspeople to engage with the Commissioner about the pressing issues holding back their progress and growth, as well as the opportunities that may be available in the future for small businesses.
The Office of the Small Business Commissioner (OSBC), established under the Enterprise Act 2016, plays a crucial role in addressing late payment and unfair payment practices in the private sector across the UK. Liz Barclay, the current Commissioner, leads the independent office, empowering small businesses to resolve disputes related to unfair payment practices and offering advice on actions to take when payments are overdue.
Statistics highlight the severity of the issue: one-third of payments to small businesses are late, with an average value of £6,142. Consequently, 20% of small businesses face cash flow problems due to late payments. It is estimated that timely payments could boost the UK economy by £2.5 billion annually.
Speaking at the event, the Commissioner, said: “It’s been great to meet with businesses in the North East. Small Businesses here have the same problems that small business in the rest of the country talk about; late payments, skills shortages and complicated tax regimes. I will do what I can to support the 5.5 million small businesses that drive the UK economy and ensure they are recognised and have their voices listened to.
“The Office of the Small Business Commissioner was set up to support small businesses in tackling unfair payment practices. We urge anyone affected to come forward and use our services. Together, we can address and mitigate the adverse effects of late payments.”
Chris Beaumont, Partner at Clive Owen LLP, said: “It’s been really useful to hear about how the Small Business Commissioner can help businesses here in the North East. Our guests certainly gave her a lot to think about and take back to ministers to let them know what the real issues holding back growth amongst SMEs in the North East of England, as well as across the country are.
“The biggest takeaway from what businesses were saying at this event is that they want simplification in terms of how to access information and support to enable them to grow, employ more people and help support the UK’s economy.
“Clive Owen LLP often engages with individuals of influence for events such as this. We find that hearing from and speaking to people like the Small Business Commissioner provides our clients and us with the best insight to grow and prosper.”
For more information about the Office of the Small Business Commissioner and its services, please visit www.smallbusinesscommissioner.gov.uk.
To get in touch with a member of our team regarding small business help, click here.
