Legislation brought in last year has made little impact on the UK's chronic problem of late payment, a survey by ACCA (the Association of Chartered Certified Accountants) of its UK members has found.
The survey reveals that 80% have found the threat of charging interest an ineffective deterrent to late payment of debts. ACCA calls for an urgent review of the legislation and the introduction of measures that will genuinely help small businesses with this problematic issue.
The survey questioned ACCA-qualified accountants working in a range of roles in the public and corporate sectors and in accountancy practices on their views on the current use of the legislation.
