Late payers charged Interest

New interest rate for overdue invoices - Business Link Solutions

This is quite interesting - I didn't realise that it was on the UK statute books that late payers can be charged interest.

I was thinking the other day about the major blockers to business in the UK - this after thinking just how simple it is to set up a business these days either by starting on Ebay then setting up an ecommerce web site - so much easier than 20 years ago. The two major blockers I could think of were:

1. Banks who are horrendous - trying to get an account then an internet merchant account number is impossible - especially if you are a start up. This is partly due to the legislation passed down to them by government (anti laundering legisliation etc) but also their own doing.

2. Around this area is business rates - I was talking to a customer who is looking to expand, they have found a suitable premises at reasonable rates but the business rates are huge - especially compared with householders council tax - so they will probably shelve the idea of expanding