January 2025 Newsletter

In this month’s edition:

• The Commissioner looks to the year ahead
• Have you applied to the new Fair Payment Code yet?
• Check out our Interest Calculator
• Key Dates & Resources

5 minute read

2025: A Fairer Year Ahead

Liz Barclay, Small Business Commissioner

It’s past the point now where it’s acceptable to wish you a Happy New Year so I will wish you a successful 2025, whatever you’re hoping for. My hopes for ‘25 are simple:?

1. That business customers will pay their suppliers by the agreed date. That allows suppliers certainty as to when money will arrive in their bank accounts so they can plan their cashflow accordingly
2. That firms will pay suppliers quicker. If you pay suppliers in 90 days that means you’re asking them to wait 3 months for their money and they will often have had a significant financial outlay in processing your order. Pay them quicker and they can get on with the next order and possibly invest in training and better equipment which will benefit you with improved products and services?
3. That both parties will see the benefit of negotiating payment terms that suit everyone rather than the bigger customer imposing their will on the smaller supplier. That improves working relationships and engenders loyalty
4. That firms will agree to put in writing their terms of trading so that everyone knows how they will work together and what’s expected of whom. There’s less chance of a dispute
5. That investors will see that firms that that do all of the above and treat their suppliers well are likely to treat employees and customers well too. That enhances reputations all round
6. If these are your hopes for 2025 apply to the new Fair Payment Code and we’ll help you nail it.

The prestigious, government-backed Code awarding businesses for fair payment practices.

Since December, hundreds of organisations have expressed interest in the new Fair Payment Code. Thank you to all of you who have contacted us and are going through the application process. We look forward to announcing the first batch of Awardees in late-February.

There’s still time to apply and be part of that initial group of Awardees. We are working to support businesses and organisations through the whole application process. Start with the resources below or simply click the button below.

Apply for your Award today.

Application Issues

Due to an IT service update, we had limited communications access between 17.01.2025 and 24.01.2025. If you sent any correspondence in this period and have not heard back from the Fair Payment Code team, please get in touch with us again.

Webinar Recording

Missed the webinars in December? Watch a recording of the OSBC team present the details of the new Code and answer your questions.

FAQs

Got questions about applying to the Fair Payment Code? We’ve compiled a list of answers to questions you’ve been asking.

Andy Chamberlain, Director of Policy, tells us why IPSE is supporting the Fair Payment Code.

Do you charge interest?

Our Interest Calculator is an interactive tool that helps you calculate how much interest you can charge on an overdue invoice. Simply enter the correct information at each stage to calculate. Many businesses are unaware that they can charge interest on an overdue invoice. If you have yet to use the calculator, we’d advise that you read the guidance beforehand.

Please also be aware that we recently implemented an update to our Interest Calculator, which impacted the page link. We know what a valuable tool this is to the many small businesses who visit our website every month. So be assured that the Calculator remains a key resource on our website and accessible via the new link below. Save this new link to your web browser’s favourites to ensure you access the right page when you need to.

Useful Dates & Resources

• 16th February - Fair Payment Code initial Deadline
• 24th February – Procurement Act - the rules that shape how public bodies buy goods and services will change