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New laws to boost SME access to invoice finance

The government has proposed new laws to make it easier for small businesses to access finance for late payments.

Currently, larger businesses in contracts with small suppliers can prevent the smaller business from securing invoice finance from banks or other investors.

Under the proposed laws, any such restrictions for SMEs in contracts entered into after 31 December 2018 would have no legal effect.

Late payments are a problem for many firms, with a third of payments to SMEs being made late according to the Federation of Small Businesses.

Invoice finance allows businesses to raise money from these unpaid invoices, by assigning their right to be paid to a finance provider in exchange for funds.

The proposed laws would mean restrictions on this type of finance could simply be disregarded and as such easing any potential cashflow crises.

This excludes certain types of contract, such as contracts for financial services, with consumers, or connected with the sale of a business.

Kelly Tolhurst, small business minister, said:

"The UK's 5.7 million small businesses are the backbone of our economy, with more than 1,000 starting up every day.

"These new laws will give small businesses more access to the finance they need to succeed and will help ensure they have a level playing field from which to set fair contracts with the businesses they supply."

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Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 01442 275767 or email

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.