Late payment report highlights cashflow problem for companies in UK creative industries

48% of businesses in the UK creative industries were paid late in 2018 according to findings from business finance company MarketInvoice.

   Larger companies were more likely (51%) to pay the creative industries later than smaller businesses (41%). One in seven (14%) take more than 14 days beyond agreed terms to pay.   The number of invoices settled beyond 14 days of agreed terms has reduced between 2014 (23%) and 2018 (14%) but year-on-year changes in percentage of invoices paid late has significantly fluctuated. In 2014, 55% of invoices were paid late compared to 66% in 2015 and then down to 53% in 2016 before rising to 64% in 2017.    MarketInvoice has partnered with investor Creative England and trade and policy bodies the Creative Industries Federation and the British Interactive Media Association to support companies in the creative industries sector.