Prompt Payment Code, Rise in Invoice Discounting & Tax Return Information - BFB Epsd 176
By Rob Warlow
The government is keen to be seen to be playing its part in tackling late payment and we start this Bulletin with an announcement that a large number of government’s key suppliers have signed up to the Prompt Payment Code. With banks increasingly reluctant to hand out overdrafts, how are businesses managing cashflow? It seems the gap is being filled by businesses increasingly turning to invoice discounting. We look at the latest figures which confirm the switch to this alternative source of finance. Lenders seem to want to see mountain of paperwork when they are reviewing your finance request. One request is sight of your Tax Returns but want exactly do they want? To close this episode, we go through the three pieces of information lenders want to see.