Payment Speed and Timeliness for UK Small & Micro Businesses

In this report, we are studying two related but distinct problems: payment speed—how long it takes for a (credit) invoice to be paid, irrespective of paymentterms payment lateness—for late invoices, how long after the due date an invoice is paid. We use time-liness as a shorthand for on-time payment, and use the terms late and overdue interchangeablyto describe invoices paid after the due date.