{"id":5559,"date":"2026-07-01T11:09:34","date_gmt":"2026-07-01T10:09:34","guid":{"rendered":"https:\/\/www.goodmanjones.com\/blog\/?p=5559"},"modified":"2026-07-01T11:10:10","modified_gmt":"2026-07-01T10:10:10","slug":"late-payment-reforms-what-the-new-rules-mean","status":"publish","type":"post","link":"https:\/\/www.goodmanjones.com\/blog\/late-payment-reforms-what-the-new-rules-mean\/","title":{"rendered":"Late Payment Reforms: What the New Rules Mean for SMEs and Large Businesses"},"content":{"rendered":"<p><span data-contrast=\"auto\">The UK government\u2019s proposed legislation to tackle\u00a0late payments\u00a0marks a significant development in the country\u2019s business landscape. Announced as a priority measure in the King\u2019s Speech, the reforms are now progressing through Parliament and are expected to come into force in\u00a0<\/span><b><span data-contrast=\"auto\">late 2026 or early 2027<\/span><\/b><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">With mandatory 60-day payment terms for large companies paying smaller suppliers, automatic interest on\u00a0late payments, and increased enforcement powers for the Small Business Commissioner, the reforms aim to address an issue that has long constrained growth, liquidity, and confidence across the economy.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Late payments\u00a0are estimated to cost the UK economy \u00a311 billion annually, underscoring the scale of the challenge and the importance of reform.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">Who is in Scope? Clarifying \u201cLarge Companies\u201d vs SMEs<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">A key point of confusion is which businesses will be affected.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The reforms are\u00a0<\/span><b><span data-contrast=\"auto\">not intended to target SMEs<\/span><\/b><span data-contrast=\"auto\">. Instead, they are aimed specifically at\u00a0<\/span><b><span data-contrast=\"auto\">large companies<\/span><\/b><span data-contrast=\"auto\">\u00a0and their payment practices.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">A company is classified as \u201clarge\u201d if it meets\u00a0<\/span>two out of the following three criteria, for two consecutive years:<\/p>\n<ul>\n<li><span data-contrast=\"auto\">Annual revenue of over \u00a354 million<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Balance sheet total over \u00a327 million (gross assets: fixed assets plus current assets)<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">More than 250 employees<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Companies that do not meet these thresholds individually may still fall within scope if they are part of a\u00a0<\/span><b><span data-contrast=\"auto\">larger group<\/span><\/b><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p>By contrast, SMEs are those\u00a0operating\u00a0below these thresholds and are therefore\u00a0not subject to these rules, although they stand to\u00a0benefit\u00a0from improved payment practices across their customer base.<\/p>\n<h3><b><span data-contrast=\"auto\">A Lifeline for SMEs<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">For SMEs, cash flow is often the defining factor between growth and stagnation. Delayed payments can restrict working capital, limit hiring, and in some cases threaten business survival.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The introduction of a 60-day maximum payment term provides greater predictability and financial stability, helping to rebalance dynamics between smaller suppliers and larger clients.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This is broadly positive. However, there are nuances worth considering. In some industries, SMEs have historically accepted longer payment terms as part of doing business with larger customers. As those terms shorten, there is a question as to whether:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Larger companies reduce their reliance on SME suppliers<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Alternative commercial pressures\u00a0emerge, such as increased discounting<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Supply chain dynamics shift in less visible ways<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<h3><b><span data-contrast=\"auto\">Implications for Large Corporates<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">For larger organisations, the reforms introduce both compliance requirements and strategic considerations.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Organisations will need to review internal processes including procurement, payment workflows, and cash flow forecasting.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Critically, there is a\u00a0<\/span><b><span data-contrast=\"auto\">working capital impact<\/span><\/b><span data-contrast=\"auto\">:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Businesses relying on extended payment terms as a form of funding will need to adapt<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Shorter cycles may increase funding requirements<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Treasury and financing strategies may need to evolve<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">While this presents a challenge, it also creates an opportunity to strengthen supplier relationships and build a more resilient supply chain.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3 aria-level=\"2\"><b><span data-contrast=\"none\">Sector Spotlight: Property and Construction<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:160,&quot;335559739&quot;:80,&quot;335559740&quot;:300}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">The property and construction sector is particularly exposed due to its reliance on complex supply chains and subcontractors.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:300}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">A significant\u00a0additional\u00a0development is the\u00a0<\/span><b><span data-contrast=\"auto\">targeting of retentions<\/span><\/b><span data-contrast=\"auto\">, which are widely used in the construction industry and are expected to be\u00a0<\/span><b><span data-contrast=\"auto\">banned under the reforms<\/span><\/b><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:300}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This\u00a0represents\u00a0a major shift for the sector:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:300}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Retentions have historically been used as a risk management and cash flow tool<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:300}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Their removal will require changes to contract structures and project cash planning<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:300}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Developers and contractors may need to rethink how they manage performance risk and working capital<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:300}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">While the reforms could improve liquidity across supply chains and reduce disputes, they also introduce new financial and operational pressures for large contractors and developers.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:300}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">Sector Considerations: Beyond Construction<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">Many\u00a0sectors will experience the reforms differently.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">For example, the publishing industry has\u00a0reportedly secured\u00a0an exemption due to its\u00a0<\/span><b><span data-contrast=\"auto\">sale-or-return model<\/span><\/b><span data-contrast=\"auto\">, where extended payment cycles are a standard and accepted feature of the business.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This raises a broader question:\u00a0Are there other sectors with similar commercial models where extended payment terms are intrinsic to how business is conducted?<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Businesses\u00a0operating\u00a0on sale-or-return or consignment-style arrangements may need to:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Reassess their commercial models<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Consider how they structure payment terms while\u00a0remaining\u00a0compliant<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Engage early in industry discussions around potential exemptions or adaptations<\/span><span data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335559739&quot;:0,&quot;335559740&quot;:300}\">\u00a0<\/span><\/li>\n<\/ul>\n<h3><b><span data-contrast=\"auto\">Wider Economic Impact<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">At a macro level, improving payment practices has the potential to unlock significant economic value.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Stronger cash flow across SMEs can lead to increased investment, job creation, and productivity gains, contributing to:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Greater business confidence<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Reduced liquidity-driven failures<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">A more level competitive environment.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<h3><b><span data-contrast=\"auto\">Looking Ahead<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">Although not yet in force, the direction of travel is clear. With the reforms positioned prominently in the King\u2019s Speech and progressing through Parliament, businesses should begin planning now.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">For SMEs, the reforms offer long-overdue protection and improved financial stability.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">For larger companies, the focus should be on\u00a0<\/span>early preparation, particularly where current models rely on extended payment terms. The shift will require careful consideration of working capital, supplier strategy, and broader commercial implications.<\/p>\n<p>Importantly, while the reforms are widely positive, they are not without complexity. Businesses should avoid viewing them solely as a benefit to SMEs and instead recognise the wider system impact across supply chains and sectors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UK government\u2019s proposed legislation to tackle\u00a0late payments\u00a0marks a significant development in the country\u2019s business landscape. Announced as a priority measure in the King\u2019s Speech, the reforms are now progressing through Parliament and are expected to come into force in\u00a0late 2026 or early 2027.\u00a0 With mandatory 60-day payment terms for large companies paying smaller suppliers,[&#8230;] <\/p>\n<div class=\"brown_button\"><a class=\"more-link\" href=\"https:\/\/www.goodmanjones.com\/blog\/late-payment-reforms-what-the-new-rules-mean\/\">Read More<\/a><\/div>\n","protected":false},"author":60,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14,11],"tags":[1065],"class_list":["post-5559","post","type-post","status-publish","format-standard","hentry","category-property-construction","category-uk-business-entrepreneurs","tag-regulation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Late Payment Reforms: What the New Rules Mean for SMEs and Large Businesses<\/title>\n<meta name=\"description\" content=\"UK late payment reforms are set to introduce mandatory 60-day payment terms. 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