6 August 2025

The Government’s long awaited plan to help small and medium sized businesses (SMEs) was published on 31 July. 

The document, ‘Backing your Business’,  outlines plans to modernise the tax and customs system, improve access to export finance, and to utilise digital technologies and AI to improve business skills.  The plan also reiterates the Government’s commitment to introducing shorter apprenticeships, simplifying its business support service through a new Business Growth Service and reduce current regulatory burdens.

A key part of the SME plan is to tackle the problem of late payments. Actions to do so are set out in a live consultation which runs until 23 October 2025. The plans  include:

• Limiting payment terms between UK businesses to 60 days and potentially further reducing the limit to 45 days after 5 years;
• Introducing a 30-day deadline for resolving invoice disputes;
• Making the statutory interest rate payable on late payments mandatory
• Giving additional powers to the Small Business Commissioner for conducting investigations into poor B2B payment behaviour 

British Marine encourages all members to consider responding directly to this important consultation by completing the its online survey by 23 October 2025. 

Should you require further information about the SME plan please contact our External Affairs Manager, Joanna Richardson jrichardson@britishmarine.co.uk