Late payments: What today’s King’s Speech means for small businesses
If you run a small business, you already know the truth: late payments aren’t just inconvenient – they can be the difference between a smooth month and a stressful one.
And today’s King’s Speech finally put the issue in the spotlight, with the Government announcing new legislation to crack down on late‑paying companies.
For small businesses across Wales and the wider UK, this could be a very welcome shift. But while new laws may help, they won’t magically fix the problem overnight.
So let’s break down what’s changing, why late payments matter so much, and how Bellavia & Associates can help you take control of your cashflow.
The Scale of the Problem: Billions Left Unpaid
Late payments aren’t a niche issue – they’re a national one.
Every year, UK small businesses are collectively owed £20–25 billion in overdue invoices. That’s money already earned, work already completed, and time already invested – but cash that still hasn’t landed in the bank.
And the impact is real:
Cashflow squeezes
Delayed supplier payments
Paused investment plans
Difficulty paying staff
Hours wasted chasing invoices
Stress, frustration and uncertainty
For many small businesses, late payments aren’t just annoying — they’re existential.
What the Government Announced Today
In the King’s Speech, the Government confirmed it will bring forward The Small Business Protections (Late Payments) Bill aimed at tackling late payments head‑on, especially where large companies are slow to pay smaller suppliers.
The expected changes include:
Tighter reporting rules for big businesses
Greater transparency around payment practices
Stronger enforcement for persistent late payers
Better protection for small businesses
The message is clear: late payment culture needs to change.
But while this is a positive step, small businesses still need practical support to recover what they’re owed – and that’s where Bellavia & Associates comes in.
How Bellavia & Associates Helps Small Businesses Get Paid
At Bellavia & Associates, debt recovery isn’t an afterthought – it’s a core strength. Our debt‑collection lawyers are known for being tenacious, strategic and results‑driven. We never give up and we don’t take no for an answer.
Here’s what sets our approach apart:
1. A customised, strategic service
No two debts — or debtors — are the same. That’s why our team builds a profile of the opponent using the latest information available. This helps us advise clients on the most effective route to recovery, whether that’s a firm letter or immediate legal action.
2. A clear, staged process that gets results
Our debt‑recovery work follows a structured, proven pathway:
Letter Before Action (LBA) — Often enough to prompt payment on its own.
Issuing the claim — Prepared the same day instructions are given.
Enforcement — High Court enforcement, winding‑up petitions, CCJ enforcement and more.
And when escalation is needed, our litigators are ready. This is why our debt‑recovery team is in such high demand.
3. Sensible, commercial advice
We balance the impact of bad debts against the cost of recovery, helping clients make informed decisions. We offer:
Conditional fee agreements
No Win, No Fee options (with disbursements payable)
Fixed‑fee enforcement for CCJs
For small businesses watching every penny, this flexibility matters.
4. A reputation for persistence
Chasing overdue invoices can be time‑consuming, frustrating and often unsuccessful when done alone. But our team brings experience, structure and determination – and that combination gets results.
What Small Businesses Can Do Now
Even before the new legislation arrives, there are steps small businesses can take to protect themselves:
Set clear payment terms
Invoice promptly
Follow up consistently
Keep written records
Don’t let overdue invoices drift
Seek advice early if a debtor goes quiet
And if you’re already dealing with late payments, Bellavia & Associates can step in at any stage – from the first letter to full enforcement.
Final Thoughts
Today’s announcement is a promising sign that the Government is finally taking late payments seriously. But while new laws may help shift the culture, small businesses still need practical, determined support to recover what they’re owed.
Bellavia & Associates offers exactly that: a strategic, persistent and commercially sensible approach to debt recovery that helps small businesses protect their cashflow and their future.
If late payments are affecting your business, or you want to put stronger processes in place, get in touch with the team. You don’t have to chase debts alone — and you don’t have to accept “no” for an answer.