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Entrepreneurs Panel

Jeremy Roberts
Tony Caldeira
Laura Tenison
David Pollock
Richard O'Sullivan
Charlie Mullins
Julie Meyer
Brian Hay
Jennie Johnson
Michael Oliver
Debbie Pierce
Steve Purdham

Interesting times

Changes to late payment law will benefit small fi rms managing tight cash flow, according to accountants.

The Government recently announced that it was going to fast-track adoption of the EU late payment directive so that it can become law in 2012, ahead of the 2013 deadline.

When the legislation comes into force, public and private sector organisations will have 30 days to pay invoices.

Businesses will then automatically be entitled to claim interest on late payment and claim about £35 for recovery costs. The statutory interest rate will rise to at least eight per cent, bringing it into line with the current UK standard.

In most cases payment terms beyond 60 days will be deemed “grossly unfair” and therefore unlawful.

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  • Sue Vizard, business coach and author of Jump Start: The Start-up Book for Your Dream Business, looks at some of the questions solo entrepreneurs should ask themselves.

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Five Minutes With

Reputation is everything when it comes to running a successful business, according to Sacha Lord-Marchionne and Sam Kandel, founders of the Warehouse Project (WHP), a series of club nights featuring DJs from all over the world, which was launched back in 2006.

After travelling the world in a corporate role, Mike Wheeler decided that he had had enough of living out of a suitcase and so got a job running a small family business.