Small businesses owed £23k in late payments in May Small businesses were owed £22,700 in late payments in May. This represents a 6% year-on-year rise, according to analysis by accounting software firm Intuit QuickBooks. The late payments figure amounts to 65% of small firms’ average monthly turnover. Almost two-thirds of invoices owed to small business were overdue in May, the data reveals, with firms typically seeing at least one overdue invoice. Companies are expected to pay most invoices to their small suppliers within 30 days, according to the Prompt Payment Code. A Government spokesperson said: “We are determined to see late payments reduced to ensure that small businesses are given the best chance of succeeding and growing, which is why we recently reformed our Prompt Payment Code to ensure best practice in payment culture.”