Small Businesses: Billing
The question
To ask the Secretary of State for Business and Trade, what assessment his Department has made of the potential impact of e-invoicing for small businesses on reducing payment times.
Answered by Gareth Thomas
The Government is committed to tackling late payments, which can be a major obstacle for small businesses. In September 2024 we announced new measures including a new Fair Payment Code (launched in December 2024), legislation requiring large companies to report headline payment performance data in their annual reports, and a public consultation on further measures.
Business adoption of e-invoicing can also help improve payment times by reducing administrative burdens and streamlining invoicing processes. DBT and HMRC recently ran a consultation to gather views on promoting e-invoicing in the UK and will be publishing a summary of responses in due course.
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